Online bank Chime plans to raise up to $832 million in its initial public offering later this week, following the successful debut of fintech broker eToro in May.

Digital banking startup Chime Financial said on Monday it was targeting a valuation of up to $11.2 billion on a fully diluted basis in its long-awaited New York initial public offering, underscoring the growing momentum in the new listings market.

Under the current IPO terms, Chime will start trading with an initial valuation of up to $11.2 billion. That’s less than half the $25 billion valuation it received after its most recent funding round in 2021. The company is backed by more than $2.6 billion from Sequoia Capital, SoftBank Group Corp. and other investors.