San Francisco-based challenger bank Chime has raised $750m in a Series G financing round to expand its operation and bolster its product and services.

The financing round, which values the financial service firm at $25bn, was led by Sequoia Capital Global Equities.

SoftBank Group Corp’s Vision Fund 2, General Atlantic, Tiger Global, and Dragoneer Investment Group also participated in the round.

Launched in 2012 by former Visa executive Chris Britt and Comcast Corp veteran Ryan King, Chime provides fee-free mobile banking services through its app.

It doesn’t charge account fees or needs users to maintain minimum balances. It also lets users who directly deposit their paycheck have early access to those funds and overdraw up to $200.

Chime CEO Chris Britt told Wall Street Journal in an interview: “Financial services is the largest industry in terms of market capitalisation, and yet it is one of the last industries to be disrupted by technology companies.

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“There’s an excitement and enthusiasm around technology companies, fintech companies like Chime, to design and deliver more consumer-friendly services that are actually helpful.”

The latest funding is anticipated to position the firm for a potential debut on the US stock market.

In March this year, Reuters reported that the firm was conducting preliminary talks with investment banks for a stock market floatation that could bring it a valuation of over $30bn.

Last month, it was reported that Indian payments firm PayMate is planning to file for a domestic initial public offering (IPO) in FY22.