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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

Business travel might be going out of style

Illustration: Annelise Capossela/Axios

Companies have made it a year and a half mostly without traveling for work — and now more and more of them are considering dramatically reducing business travel to slash costs and cut carbon emissions.

Why it matters: Business travel is a massive part of the global economy — with trillions of dollars and millions of jobs at airlines, hotels and travel agencies hinging on its return.

Local Florida leaders eye ways to take on DeSantis' anti-mask stance

Photo: Joe Raedle/Getty Images

With Florida at the forefront of the nation's COVID surge, local governments across Tampa Bay are wondering if — or how — they can subvert Gov. Ron DeSantis' administration to do something to slow the spread.

Why it matters: A day after Florida broke its record for daily cases, it did the same for the total number of COVID hospitalizations — set way back in July 2020, per the AP.

Updated 1 hour ago - Sports

Olympics dashboard

Simone BIles competing on the balance beam. Photo: Jamie Squire/Getty Images

🥉: Simone Biles wins bronze in individual balance beam final, her last event

🪧: Raven Saunders says U.S. athletes planned "X" protests "for weeks"

🇺🇸: Former dancer Valarie Allman wins U.S. 1st Olympic track and field gold

🏅: Norwegian gold medalist, U.S. silver medalist smash men's 400m hurdles world record

🏋️‍♀️: Transgender weightlifter Laurel Hubbard: "It gets better"

📷: In photos: Tokyo Olympics day 11 highlights

🏳️‍⚧️: Axios at the Olympics: Games grapple with trans athletesTrans athletes see the Tokyo Games as a watershed moment

Go deeper: Full Axios coverage