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

Non intuitive use case for Banking as a Service: Autonomous Finance

“While companies like Qapital, Chime, and Digit have some form of autonomous banking in the form of autonomous saving, some companies want to take it even further. Envel, a not-yet-launched app running on Cambr, promises to provide what they call “Driverless Banking”, an AI powered banking framework to completely automate their customers’ financial lives.”

https://tearsheet.co/banking-as-a-service/non-intuitive-use-case-for-banking-as-a-service-autonomous-finance/


Envel – https://www.envel.ai