That type of success has attracted scrutiny from regulators. “Nobody wants to go into bank branches, nobody wants to touch cash anymore, and people are increasingly comfortable living their lives through their phones,” Chime CEO Chris Britt told CNBC in September 2020. The company has raised about $2.3 billion and was valued at $24.3 billion in its Series G round in August 2021. Instead, it partners with Bancorp Bank and Stride Bank, which are FDIC members.Ĭhime made its public debut on the Dr. Technically, it doesn’t have a bank charter.
But for all practical purposes, it operates similarly to a fee-free online bank.
Money expert Clark Howard likes online-only banks because they don’t have many fees and carry low (or zero) minimum balance requirements.Ĭhime offers a number of rich features, a competitive interest rate and a checking account with direct deposit, a debit card and a free ATM network.įinancial software company (banking services)Ĭompetitive interest rate, automated savings, early access to direct depositsĪnyone OK with banking online, especially the unbanked and those with a negative banking historyįounded in 2013, San Francisco-based Chime considers itself a financial services software company. Chime provides fee-free online banking services through a well-received mobile app.
