Digital bank Chime quadruples valuation in less than a year to $5.8 billion as it takes on megabanks

• “Chime, the largest of a new breed of branchless U.S. banks, raised $500 million in a series E round it closed recently valuing the company at $5.8 billion, according to people with knowledge of the situation. That is a remarkable increase from its last round nine months ago, when it raised $200 million at a $1.5 billion valuation.

• But Chime appears to have struck on a winning formula: It targets the disaffected customers of traditional banks with no-fee accounts, free overdrafts and early direct deposits on paychecks. That’s led to torrid growth, going from 1 million accounts last year to about 6.5 million this month.”

https://www.google.com/amp/s/www.cnbc.com/amp/2019/12/05/chime-quadruples-valuation-to-5point8-billion-as-it-raises-500-million.html

Chris Britt

Chime CEO

http://linkedin.com/in/cbritt