U.S. challenger bank Chime has raised $200 million in venture funding, giving it a valuation of $1.5 billion
Chime, the San Francisco challenger bank, raised $200 million in venture funding, propelling the company’s valuation to $1.5 billion.
Ventures, Forerunner Ventures, Cathay Innovation and other unnamed investors participated in the fundraising round.said the money will go to boost growth and launch more financial products. March marks a significant milestone for the company. It was able to surpass 3 million FDIC bank accounts and claims to be the fastest growing U.S. challenger bank.
A big challenge to Chime is expected to come from the likes of PayPal and Amazon.com, who have the war chests to go after the traditional banks’ customers and those being ignored by the big banks. This past spring thePayPal began offering banking features to groups of customers that includes FDIC insurance, a debit card that can be used at ATMs, photo check deposit and direct deposit services. Amazon.
Rivals Revolut and N26 have also recently raised hundreds of millions of dollars in venture funding but at higher valuations. In late April Revolut raised $250 million giving it a valuation of $1.7 billion while N26 raised $300 million in January at a $2.7 billion valuation. Both companies are based in Europe and are leaders in the bank challenger market outside of the U.S.
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