"To unite everyday people to unlock their financial progress by providing easy, helpful, and free banking services.”

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Chime is a financial technology company founded in 2012 by Chris Britt and Ryan King. It is based in San Francisco, California. Chime offers a mobile banking app that provides financial services without the fees typically associated with traditional banks. The company partners with banks to offer a range of services, including checking accounts, savings accounts, and debit cards, aiming to simplify banking for everyday Americans.

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Business Model

Chime operates on a fee-free model, earning revenue primarily through partnerships with financial institutions and interchange fees from debit card transactions. It does not charge overdraft fees, monthly service fees, or require minimum balances, which differentiates it from traditional banks. Chime also generates income from interest on high-yield savings accounts and data analytics services.

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Targeted Impact

Chime aims to transform banking by making financial services accessible and affordable for everyone.

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Who Will benefit?

Everyday Americans, particularly those underserved by traditional banks, will benefit from Chime's services.

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What Comes Next?

Chime plans to expand its product offerings and improve its technology to maintain its strong market position and continue growing its business.

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The company has been in the news for extending its SpotMe feature to the Credit Builder card, allowing more users to benefit from fee-free overdraft up to $200. This enhancement is part of Chime's ongoing efforts to support financial health for its users. Additionally, Chime is preparing for a potential IPO, signaling its growth and stability in the fintech sector.

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Chime Bank Growth Timeline

Chime Bank and Competition

Chime's top competitors include Varo, SoFi, and Ally Bank. While Varo also offers fee-free banking services, SoFi provides a broader range of financial products including loans and investments. Ally Bank, a more traditional online bank, offers competitive interest rates but charges certain fees that Chime does not.

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VC / Strategic Investors

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access-technology-ventures

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Access Technology Ventures

Invested at:

Series E, Series F

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aspect-ventures

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Aspect Ventures

Invested at:

Series A, Series C

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cathay-innovation

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Cathay Innovation

Invested at:

Series B, Series C

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crosslink-capital

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Crosslink Capital

Invested at:

Series A, Series B, Series C

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dst-global

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DST Global

Invested at:

Series D, Series E

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dragoneer-dst-global

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Dragoneer DST Global

Invested at:

Series F

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dragoneer-investment-group

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Dragoneer Investment Group

Invested at:

Series D, Series E, Series G

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forerunner-ventures

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Forerunner Ventures

Invested at:

Series A, Series B, Series C

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general-atlantic

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General Atlantic

Invested at:

Series D, Series E, Series G, Series F

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homebrew

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Homebrew

Invested at:

Series A, Series B

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iconiq-capital

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ICONIQ Capital

Invested at:

Series E

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menlo-ventures

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Menlo Ventures

Invested at:

Series E, Series C

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northwestern-mutual-future-ventures

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Northwestern Mutual Future Ventures

Invested at:

Series B, Series C

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omidyar-network

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Omidyar Network

Invested at:

Series C

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pivotnorth-capital

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PivotNorth Capital

Invested at:

Series A

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sequoia-capital-global-equities

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Sequoia Capital Global Equities

Invested at:

Series G

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tiger-global-management

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Tiger Global Management

Invested at:

Series G, Series F

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whale-rock-capital

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Whale Rock Capital

Invested at:

Series F

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Key Partners

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