US mobile bank Chime raises $70 million

San Francisco-based mobile bank Chime has secured $70 million in Series C funding, led by Menlo Ventures, with participation from existing investors Forerunner Ventures, Aspect Ventures, Cathay Innovation, Northwestern Mutual, Crosslink Capital, and Omidyar Network.

The latest injection of funds brings the total investment in the firm to over $100 million and values the company at around $500 million.

The investment follows a recent announcement that the bank now has more than one million bank accounts in the US, with 100,000 new customers joining each month. Launched in 2014, Chime boasts a ‘unique business model’ which does not rely on customer fees, unlike traditional banks which charged customers over $34 billion in fees in 2017, according to the digital bank.

“One million bank accounts to date is an exciting milestone for us and it’s just the beginning,” said Chris Britt, co-founder and chief executive of Chime. “This year we’ll launch new products with a continued focus on improving our members’ financial lives while refusing to profit from their mistakes or misfortune.”

    Share Story:

Recent Stories

Meet Evelyn, your Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst
Meet Evelyn, an Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst, who uses native AI/ML capabilities to automate the Customer/PEP screening and Negative News screening alert adjudication processes for leading BFS organizations with greater speed, accuracy, and consistency than human analysts.

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.