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.
Introduction to Chime.
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.
Timeline
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.
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.
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.
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.
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.
Seed funding round
On May 30, 2013 Chime completed their seed funding round with $3.8 million in funding from IrishAngels and Amino Capital.
Founding of Chime
Chime was founded in 2013 by Chris Britt and Ryan King.
Funding rounds
People
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
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Chime Announces $18 Million Series B to Accelerate Growth; Surpasses 500,000 Bank Accounts
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September 27, 2017
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March 27, 2019
Crosslink Capital leads $8 mln round for Chime app - PE Hub
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November 5, 2014
Fintech, Mobile Banking App Chime Raises $9M in Funding
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Documentaries, videos and podcasts
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 - 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
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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
References
Company attributes
Other attributes
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Contributors
- 1
Dawson Sewell
Seeking to explain science and technology through simple writing. - 2
Ron Pragides
Engineering Leader - 3
Carla Faraguna
Golden People and Operations. - 4
Erin Scherfner
Golden Research Assistant - 5
Jude Gomila
Founder and CEO of Golden, Entrepreneur. Investor in 200+ companies. Cantabrigian (Gonville and Caius). Interested in the universe. - 6
Jed Christiansen
Special Projects & Business Development at Golden, Founder - Seed-DB. - 7
Chinmay Nivargi
Curious - 8
Mevludin Mešanović
Bachelor of Electrical Engineering - 9
Julius John Villarisco
Every day is a new learning for me, new opportunity every time. Never limit my self, think outside the box. - 10
Neelam Jhaveri
Techno Geek + Gamer + Fashionista + Sense of Humor = It's ME
