San Francisco-based no-fees mobile challenger bank Chime has raised $70m to expand and is now valued at $$100mm. 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 500. 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.
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.