Neobank Chime raised $750 million in funding at about a $25 billion valuation in the latest large venture investment in the sector.
The round lays the groundwork for Chime to go public in the first half of 2022, according to The Wall Street Journal.
Sequoia Capital Global Equities led the round, with SoftBank, Tiger, General Atlantic, Dragoneer and others participating.
Chime also announced three new independent board members: Cynthia Marshall, CEO of the Dallas Mavericks; Jimmy Dunne, vice chairman at Piper Sandler; and Susan Decker; a board member of Berkshire Hathaway.