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.

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As boycott grows, Facebook juggles rights groups and advertisers

Illustration: Aïda Amer/Axios

As an advertiser boycott of Facebook over its tolerance of hate speech continues to snowball, the company has begun making small, incremental changes to mollify activists while it tries to buy time to evolve its content policies.

Driving the news: Sources tell Axios that the product and policy changes sought by the #StopHateForProfit campaign were long under discussion both inside Facebook and with some external groups. Meanwhile, CEO Mark Zuckerberg has reportedly told employees that the boycotting advertisers will be back before long.

Replacing the nursing home

Illustration: Sarah Grillo/Axios

Nursing homes have been the epicenter of the coronavirus outbreak, prompting more urgent discussions about alternative housing situations for elderly Americans.

Why it matters: Deaths in nursing homes and residential care facilities account for 45% of COVID-19 related deaths, per the Foundation for Research on Equal Opportunity — but there are few other viable housing options for seniors.

52 mins ago - Health

How Joe Biden would tackle the coronavirus

Illustration: Aïda Amer/Axios

If Joe Biden wins in November, his coronavirus response would feature a no-expenses-spared federal approach to mitigating the virus and a beefed-up safety net for those suffering its economic consequences.

Why it matters: It’s nearly inevitable that the U.S. will still be dealing with the pandemic come January 2021, meaning voters in America will choose between two very different options for dealing with it.