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.”

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