Chime is a challenger bank known for fee-free banking, early paydays for those who use direct deposit and a feature that lets users go negative in their accounts without overdraft fees. The bank said it intends to invest the new capital in scaling operations, as well as launching new products and services.
Primary investors in Chime’s latest round included SoftBank, Sequoia Capital Global Equities, General Atlantic, Tiger Global, and Dragoneer Investment Group.
The latest funding round positions the company for a potential IPO in the first half of 2022, according to The Wall Street Journal.
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