Oct 10, 2019

Mobile banking startup Chime raising big funding round

Photo Illustration: Rafael Henrique/SOPA Images/LightRocket via Getty Images

San Francisco-based mobile challenger bank Chime is closing in on a new round of funding at a valuation north of $5 billion, per multiple sources.

Why it matters: This would be a major step up for Chime, which in March raised $200 million in Series D funding at a $1.5 billion post-money valuation.

The bull case is that Chime puts a software layer on top of FDIC-insured accounts, and it benefits from SaaS-like recurring revenue with low churn (both due to the consistent usage of debit cards).

The bear case is that the public markets could value Chime like a bank, not like a software business.

A Chime spokeswoman declined comment.

Go deeper

Zoox raises $200 million to build self-driving car

Zoox vehicle in San Francisco. Photo by Andreas Hoenig/dpa via Getty Images.

Self-driving startup Zoox has raised $200 million in new convertible note funding, which will be folded into a Series C round that's expected to close later this year or at the beginning of 2020.

Why it matters: Zoox is more ambitious than most other autonomous tech startups, seeking to develop the entire car instead of just the software or sensors.

Go deeperArrowOct 21, 2019

Analytics company Databricks raises $400 million in Series F

Databricks, a San Francisco-based data analytics SaaS company, raised $400 million in Series F funding led by Andreessen Horowitz at a $6.2 billion valuation.

Why it matters: Because this one can legitimately lay claim to all the hottest enterprise software buzzwords, from open-source to machine learning to cloud.

Go deeperArrowOct 23, 2019

Report: SoftBank to take control of WeWork

Illustration: Sarah Grillo/Axios

Japanese investment firm SoftBank is set to take control of WeWork in a deal that slashes the co-working company's valuation from $48 billion to around $8 billion, according to CNBC. WeWork is declining comment, and there is subsequent reporting that the company is still deciding between SoftBank's offer and a debt package led by J.P. Morgan.

Why it matters: SoftBank helped break WeWork. Now it may own it.

Go deeperArrowOct 21, 2019