Chris Britt, Founder and CEO, Chime. Photo credit: Rebecca Greenfield/Fortune, under Creative Commons license

Chime, a US digital banking upstart, is looking to raise new funding that could value it at between $12 billion to $15 billion, according to a report [paywall] from Business Insider. According to Business Insider, Chime, which raised $500 million just in December of last year, is looking to raise at least $500 million more in new funding. It seems that Chime’s business has been heavily bolstered by the coronavirus pandemic which has generally led to a surge in the demand for fintech services. Already, Chime is known to have more than 8 million customers, only six years after its founding.

Since its inception, Chime has raised about $1 billion in total funding. The company’s most recent financing round, a Series E raised in December of last year, valued it at $5.8 billion. Notable investors in Chime include venture capital firms DST Global, Forerunner Ventures, Aspect Ventures, and the Omidyar Network. According to Business Insider, Chime’s new targeted funding round could include a syndicate of both new and existing investors, not surprising given that a high-growth company like Chime would likely be attractive to a bevy of new investors.

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