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For whom the bells toll: Chime eyes $1.5 billion valuation

For whom the bells toll: Chime eyes $1.5 billion valuation

US online-only bank Chime is close to raising $300 million at a $1.5 billion valuation, according to Bloomberg.

The mobile banking startup in June raised $70 million in a Series C funding round led by Menlo Ventures that valued the company at $500 million.

Citing "two people familiar with the matter", Bloomberg says DST Global is likely to lead the one currently closing, which will see a tripling of Chime's value in just nine months.

DST led Revolut's $250 million round early last year at a $1.7 billion valuation.

Chime has garnered more than 2 million accounts since it was founded in 2013. The company says it is adding 100,000 customers a month for its fee-free, user-friendly banking app, which provides an accompanying debit card - on which the business earns interchange revenue - and auto-savings account.

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