Online banking startup Chime, which before this year’s market meltdown had been widely seen as a candidate for a blockbuster initial public offering, is slashing 12% of its 1,300 person workforce, or around 150 people, a spokesperson said.
Ten-year-old Chime was emblematic of last year’s fintech funding boom as customers flocked to apps that help them bank and invest online during the pandemic. The startup rocketed to a $25 billion valuation in a Sequoia Capital-led private funding announced last August.
