Fintech Firm Chime Secures $750 million in Latest Funding Round

Fazzaco learned that Chime Financial, a banking app company, has secured $750 million in a new funding round lead by Sequoia Capital Global Equities with participation from SoftBank, Tiger Global and General Atlantic.

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To date, Chime has secured over $2 billion across a series of funding rounds since its founding. Indeed, Chime is one of a number of fast-growing, so-called neobanks that have drawn the attention of venture capitalists and sought to challenge the supremacy of traditional banking companies. 

Chime is an American financial technology company which provides fee-free mobile banking services provided and owned by The Bancorp Bank or Central National Bank. Account-holders are issued Visa debit cards and have access to an online banking system accessible through the company's website or via its mobile apps. Chime earns the majority of its revenue from the collection of interchange.

Chime has no physical branches and does not charge monthly or overdraft fees. As of February 2020, Chime had 8 million account holders. Bank accounts provided via Chime's partners are insured up to the standard maximum deposit insurance amount of $250,000.