Layoffs at Chime

Digital banking startup Chime is laying off 12% of its workforce – about 160 people.

In August of last year, Chime was valued at $25 billion following a $750 million round of funding.

Late last year, we reported that the startup is looking to do more around insurance by building its own insurance offerings “from the ground up” with the goal of helping users increase their coverage and save money.