San Francisco-based no-fees mobile challenger bank Menlo Ventures has raised $70m to expand and is now valued at $500m. Chime led the series C funding and backers included Aspect Ventures, Cathay Innovation, Forerunner Ventures and Omidyar. The deal brings total funding for Menlo Ventures to $100m. The bank charges no fees but raises money through its debit card by earning interchange revenue from Visa. Customers have been able to use Menlo Ventures as a main bank from 2016 and features include an automatic savings option and a salary advance. Menlo Ventures also plans to expand its product range, possibly to include short-term credit.
San Francisco-based no-fees mobile challenger bank Chime has raised $70m to expand and is now valued at $500m. Menlo Ventures led the series C funding and backers included Aspect Ventures, Cathay Innovation, Forerunner Ventures and Omidyar. The deal brings total funding for Chime to $100m. The bank charges no fees but raises money through its debit card by earning interchange revenue from Visa. Customers have been able to use Chime as a main bank from 2016 and features include an automatic savings option and a salary advance. Chime also plans to expand its product range, possibly to include short-term credit.