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Chime Bank

Chime Bank

A bank offering online banking services with no user no bank fees, and an option to receive direct deposit up to two days early. Chris Britt and Ryan King founded Chime in 2013, and the company is headquartered in San Francisco, California.

Chime is a financial technology company offering online banking services to its users with no bank fees, and an option to receive direct deposit up to two days early. The company is headquartered in San Francisco, California and was founded in 2013 by Chris Britt and Ryan King.



Banking services

Banking service provider

Banking services offered by Chime are provided by The Bancorp Bank, and Chime offers its users a Chime debit Visa. 

Mobile banking application

Chime banking services can be accessed online through their mobile banking application. Their application allows users to track their account balances, daily transactions, and savings. It also allows users to send money and deposit paper checks (up to $5000 per payment and up to $10000 per month). The Chime mobile banking application works integrates with other mobile payment applications such as ApplePay, GooglePay, and SamsungPay.

Direct deposit

Chime's Direct Deposit feature and earlier availability of funds are subject to payer's support of the feature and timing of payer's funding.

No fees

Chime does not charge application, monthly, or international transaction fees to their users. They also do not require users to make an initial deposit after signing up with Chime to activate their bank account. Chime bank offers free ATM access to 38,000 ATMs in the United States, and a $2.50 fee for making withdrawals on ATMs outside of the Chime network.

Savings

The chime mobile banking application allows users a couple different options to increase the amount of money in their savings accounts. They give users an option to round up their transactions to the nearest dollar, and offer a services that transfers %10 of every deposited paycheque into their savings account. Chime savings accounts offer an Annual Percentage Yield (APY) of 0.01%.

Security

The Chime bank mobile application meets industry standard banking security, according to the companies website. They offer 128-AES encryption access control, and their Chime debit Visa is protected bu the Visa Zero Liability Policy. 

Funding

Seed

On May 30, 2013 Chime completed their seed funding round with $3.8 million in funding from IrishAngels and Amino Capital. 

Series A

On November 5, 2014 Chime completed their series A funding round with $8 million in funding from Crosslink Capital (lead investor), PivotNorth Capital, Homebrew, and Forerunner Ventures. On May 19, 2016 Chime expanded their series A funding round with $9 in funding from Aspect Ventures (lead investor), Homebrew, Forerunner Ventures, Crosslink Capital, and Zander Lurie. 

Series B

On September 27, 2017 Chime completed their series B funding round with $18 million in funding from Cathay Innovation (lead investor), Northwestern Mutual Future Ventures, Omidyar Network, Crosslink Capital, Aspect Ventures, Forerunner Ventures, and Homebrew. 

Series C

On May 31, 2018 Chime completed their series C funding round with $70 million in funding from Menlo Ventures (lead investor), Opera Tech Ventures, Omidyar Network, Northwestern Mutual Future Ventures, Forerunner Ventures, Cathay Ventures, and Aspect Ventures. 

Series D

In March 2019, Chime raised $200 million in a round led by DST Global, bringing the company's total funding to $300 million. The company's total valuation is at $1.5 billion, according to the company. Other companies participating in the funding round include: Menlo Ventures, ICONIQ Capital, General Atlantic, Forerunner Ventures, Dragoneer Investment Group, Coatue Management, and Cathay Innovation. 

Timeline

March 2019

Series D funding round

In March 2019, Chime raised $200 million in a round led by DST Global, bringing the company's total funding to $300 million. The company's total valuation is at $1.5 billion, according to the company. Other companies participating in the funding round include: Menlo Ventures, ICONIQ Capital, General Atlantic, Forerunner Ventures, Dragoneer Investment Group, Coatue Management, and Cathay Innovation. 

May 31, 2018

Series C funding round

On May 31, 2018 Chime completed their series C funding round with $70 million in funding from Menlo Ventures (lead investor), Opera Tech Ventures, Omidyar Network, Northwestern Mutual Future Ventures, Forerunner Ventures, Cathay Ventures, and Aspect Ventures. 

September 27, 2017

Series B funding round

On September 27, 2017 Chime completed their series B funding round with $18 million in funding from Cathay Innovation (lead investor), Northwestern Mutual Future Ventures, Omidyar Network, Crosslink Capital, Aspect Ventures, Forerunner Ventures, and Homebrew. 

May 19, 2016

Series A funding round expansion

On May 19, 2016 Chime expanded their series A funding round with $9 in funding from Aspect Ventures (lead investor), Homebrew, Forerunner Ventures, Crosslink Capital, and Zander Lurie. 

November 5, 2014

Series A funding round

On November 5, 2014 Chime completed their series A funding round with $8 million in funding from Crosslink Capital (lead investor), PivotNorth Capital, Homebrew, and Forerunner Ventures. 

May 30, 2013

Seed funding round

On May 30, 2013 Chime completed their seed funding round with $3.8 million in funding from IrishAngels and Amino Capital. 

2013

Founding of Chime

Chime was founded in 2013 by Chris Britt and Ryan King.

People

Name
Role
LinkedIn

Adam Sheridan

Employee



Aditi Maliwal

Investor



Alex Harris

Employee



Alexandra Bigley

Employee



Amber Robbins

Employee



Anna Kusyk

Employee



Ben Golub

Investor



Boris de Souza

Employee



Brandon Golm

VP Engineering



Brandon Liu

Employee



Brian Mullins

VP Risk



Chris Britt

CEO and Co-founder



Chris Terschluse

Employee



Christopher Sherman

Employee



Dave Darby

Employee



David Hathaway

Employee



David Wieland

Investor



Diego Franco Chanona

Employee



Elizabeth Vogelsang

Employee



Eric Lewis

Employee



Ethan Erchinger

Employee



Iching Cheng

Employee



Jacob Hartog

Employee



Jake Vertin

Employee



James Feuille

Investor



Further reading

Title
Author
Link
Type
Date

10 Summer BBQ Hacks

Kim Galeta

Web

June 20, 2019

4 Money Lessons I Learned From 'The Lion King'

Susan Shian

Web

July 19, 2019

4 Things You Could Afford If You Didn't Have to Pay Bank Fees

Jackie Lam

Web

July 8, 2019

5 Ways to Manage Your Side Hustle Finances

Kim Galeta

Web

July 10, 2019

6 Summer Side Hustles That Can Help You Earn $1,000+

Rebecca Lake

Web

July 23, 2019

7 Financial Moves to Make Before Your First Child

Chonce Maddox

Web

June 14, 2019

7 Ways to Build Wealth in 10 Minutes or Less

Jackie Lam

Web

July 18, 2019

8 TED Talks About Money You Should Watch Right Now

Rachel Slifka

Web

June 26, 2019

Best Money Advice from Dads

Jackie Lam

Web

June 16, 2019

Career Moves for the Summer Slowdown

Rebecca Lake

Web

July 15, 2019

Chime Announces $18 Million Series B to Accelerate Growth; Surpasses 500,000 Bank Accounts

Chime

Web

September 27, 2017

Chime Bank Review - Everything You Need to Know

The Balance Tim Parker

Web

March 27, 2019

Fintech, Mobile Banking App Chime Raises $9M in Funding

FinSMEs

Web

May 19, 2016

How to Ball on a Budget When You Go Out

Arianna Stern

Web

June 10, 2019

How to Buy Car Insurance

Ashley Eneriz

Web

June 27, 2019

How to Fight Summer FOMO and Fatten Up Your Savings Account

Rebecca Lake

Web

June 21, 2019

How to Get Fit on a Budget: Frugal Ways You Can Crush Your Fitness Goals

Rebecca Lake

Web

July 3, 2019

How to Learn to Be Rich: Tips from Ramit Sethi

Jackie Lam

Web

June 24, 2019

How to Manage Your Money in your 20s and 30s Like a Boss

Jackie Lam

Web

June 12, 2019

How to Pay Off Debt in Collection: A Guide to Saying Goodbye to Credit Collectors

Melanie Lockert

Web

July 16, 2019

How to Quit Your Food Delivery Addiction

Chonce Maddox

Web

June 19, 2019

How to Ruin Your Credit in Your 20s

Susan Shain

Web

July 5, 2019

How to Start Talking to Your Parents About Money

Melanie Lockert

Web

July 11, 2019

Documentaries, videos and podcasts

Title
Date
Link

Chime - Banking the way it should be.

August 20, 2018

Chime - We're changing the way people feel about banking.

September 19, 2018

Chime Banking - The Bank Account That Helps You Save, Automatically.

December 7, 2016

Chime Banking: Early Payday - Angie Just Got Paid

September 23, 2018

Chime Banking: Early Payday - Baseball Game

May 6, 2019

Chime Banking: Early Payday - Coworkers

September 23, 2018

Chime Banking: Early Payday - Just Got Paid

September 23, 2018

Chime Banking: Early Payday - Puppies Metaphor

May 6, 2019

Chime Banking: Early Payday. No Crazy Fees - I'd Be Crazy to Go Back

September 23, 2018

CNBC: Chime CEO Chris Britt on the 10/1/15 smart chip deadline

October 2, 2015

How Much Are You Paying in Bank Fees? Find a Bank without the Fees

February 28, 2017

How to Pay Off Debt and Start a Company - Jesse Genet, Founder of Lumi

October 11, 2017

Maria Bartiromo interview's Chris Britt on why we support #TakeOffElectionDay via Fox Business

September 29, 2016

Save Money Automatically with Chime Banking

February 14, 2017

Signs It's Time to Break Up With Your Bank

February 27, 2018

Companies

Company
CEO
Location
Products/Services









References