Chime Raises $200M
San Francisco-based mobile banking startup Chime has raised $200m in a Series D round at a $1.5b valuation. The round, which brings Chime’s total funding to date to $312.5m, was led by DST Global with participation from new investors General Atlantic, Coatue, ICONIQ Capital and Dragoneer Investment Group. Existing investors Forerunner Ventures, Cathay Innovation, Menlo Ventures and others also participated in the round.
Founded in 2013 and led by Chris Britt and Ryan King, Chime offers mobile banking services with different features such as automatic savings that rounds up purchases and sets aside 10% of one’s paycheck, as well as a no-fee paycheck advance that makes money available sooner. To date, customers have opened over 3m FDIC-insured bank accounts with Chime.
“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.” – Cofounder and CEO of Chime, Chris Britt.