Chime has raised $300 millio in total till now including last year’s $70 million Series C, which then saw the company valued at $500 million. With the new funding, Chime has now raised the most funding and has the highest valuation among other U.S. challenger banks.
The company’s co-founder and CEO Chris Britt is reported to have worked at flycast, comScore, Visa and Green dot. Chime also includes a couple of innovative features that help differentiate it from the other mobile banking apps on the market. This includes an automatic savings feature that rounds up purchases to pocket the change; another feature that automatically saves 10 percent of your paycheck into Chime’s savings account; and one that offers a no-fee paycheck advance that makes your money available sooner.
The company has more than 3 million FDIC-insured bank accounts on it database as of right now, which also makes it the largest brand in it category. Its size, scale and growth trajectory, perhaps, have aided Chime in poaching a few execs from its other fintech businesses — including rivals. For example, the company recently added Chime VP, Risk Brian Mullins, who was the former head of Risk Ops at Square; and Chime GM, Lending Aaron Plante, who was the former Business Unit leader for Student Loans at SoFi.
They say they plan on using this funding to accelerate growth and to double it number of san-francisco employees to 200. Duribg a session Britt said in a statement “We’re excited to welcome some of the world’s leading growth investors to Chime,” “Banking should be free, helpful and easy to use but traditional banks are reluctant to embrace this reality. We aim to set a new standard in the industry by using technology to create services that are truly aligned with the best interests of consumers.”