Chime
Description
Chime is a fintech company that helps its members avoid bank fees, save money automatically, and lead healthier financial lives. Chime’s business was built on the principle of protecting its members and helping them get ahead. Chime earns a small amount from Visa (paid by the merchant).
Overview
| Type: | Private |
| Funding Status: | Series F |
| Foundation year: | 2013 |
| Location: | San Francisco, California, United States |
| Number of employees: | 501-1000 |
| Founders: | Chris Britt, Ryan King |
| Website: | https://www.chime.com/ |
Target geographic market:
North America
About Product/Service
| Products | Online/Mobile Banking, Fee-Free Overdraft, Automatic Savings, Mobile Payments, Security and Control |
|---|---|
| Core product offerings for individual/retail customers | Spending Account |
| Regulators/Compliance | All Chime accounts are FDIC insured up to the standard maximum $250,000 per depositor, for each ownership category, in the event of a bank failure, through its partner banks, Stride Bank, N.A. (FDIC# 4091) or The Bancorp Bank (FDIC# 35444). |
| The Base Currency | $ (USD) |
| Product cost | Free |
|---|---|
| Openning a current account (business and personal) | Free |
| Monthly fees | No monthly fees |
| Issuing physical card and delivery | Visa Debit Card |
| Money transfers/payments | Free |
| ATM withdrawals | Access to over 38,000 fee-free MoneyPass and Visa Plus Alliance ATMs throughout the United States; Free cash withdrawal. But Chime does charge $2.50 per transaction at out-of-network ATMs. |
| Overdrafts | No overdraft fees |
| Other | High fees to deposit cash. No physical bank branches. Chime does not offer a prepaid debit card, however, Chime offers a full-featured deposit account that is a great alternative to prepaid cards. |
| Minimum USD deposit required to open (a) a personal account (b) a business account | No minimum balance requirement |
| (a) a personal account | Yes |
| (b) a business account | No |
Key people
Funding rounds
| Last Funding Date | Sep 18, 2020 |
|---|---|
| Last Funding Amount | $533.8M |
| Last Funding Type | Series F |
| Total Funding Amount | $1.5B |
| Number of Funding Rounds | 8 |
Financials
| Customer/Products segments | Online/Mobile Banking, Overdrafts, Savings, Payments/Remittances, Security |
|---|---|
| Banking license | Chime does not have a banking license but instead works with Bancorp Bank as its bank partner. Visa issues Chime's debit card. |
| Type of customers | Individuals |
| Number of investors | 24 |
| Number of lead investors | 5 |
| Names of lead investors | DST Global, Menlo Ventures, Cathay Innovation, Aspect Ventures, Crosslink Capital |
| M&A | Chime has acquired Pinch on Sep 17, 2018 |
Tech stack
Competitors
| Founding Date | Type | Tags | |
x Northrow Northrow helps businesses manage regulatory and... | 2010 | Private | NorthRow |
x Metro Bank Metro Bank plc is a retail and commercial bank... | 2010 | Private | Challenger banks, fintech |
x Air bank Air Bank is a modern and innovative 21st century... | 2019 | Challenger banks, fintech | |
x Delo Bank Online bank for small enterprises | 2018 | Challenger banks, fintech | |
x Safened Safened is a regulated payment institution... | 2014 | Private |
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