Chime (company)

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IndustryFinancial services
Founded2013; 8 years ago (2013)
FoundersChris Britt and Ryan King[1][2]
HeadquartersSan Francisco, California, United States
Key people
  • Chris Britt (CEO)
  • Ryan King (CTO)
ProductsChecking accounts, savings accounts, debit cards, p2p, credit cards, fee-free overdraft
RevenueIncrease US$200 million (2019)[3]
Total assetsIncrease US$5.8 billion (2019)[3]

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.[4][5]

Chime has no physical branches and does not charge monthly or overdraft fees. As of February 2020, Chime had 8 million account holders.[6] Bank accounts provided via Chime's partners are insured up to the standard maximum deposit insurance amount of $250,000.[7][8]


Chime was founded by Chris Britt (CEO) and Ryan King (CTO) in 2013 in San Francisco, California as an alternative to traditional banking. The company launched publicly on April 15, 2014 on the Dr. Phil Show.[9] As of 2020, Chime has raised $1.5 billion in private funding.[10]

In 2018, Chime acquired Pinch, a startup focused on helping millennials and young adults build their credit scores by reporting on-time rent payments to credit bureaus. Pinch's co-founders joined Chime's team as a part of the acquisition.[11]

On October 16, 2019, Chime experienced a service outage leaving users without access to their deposits. The issue was resolved the next day.[12]

In January 2020, Chime announced a partnership with the Dallas Mavericks as their jersey sponsor as a part of a multi-year deal.[13]

In April 2020, in response to the financial strain of the COVID-19 pandemic, Chime announced a pilot program to provide users who e-filed tax returns with the IRS a $1,200 advance on the Economic Stimulus Payment via SpotMe, Chime's fee-free overdraft product. [14] Chime later announced the successful processing of over $375,000,000 in stimulus payments 1 week ahead of the scheduled government disbursement date.[15]

In May 2021, the company agreed to stop using the term "bank" in marketing per complaints by the California Department of Financial Protection and Innovation.[16]

Account closures[edit]

In July 2021, ProPublica published an article detailing Chime's record of closing customer accounts without notice or explanation, sometimes refusing to return customer deposits.[17] Chime has attributed the closures to the accidental byproduct of fraud prevention.[17]


In August 2021, Chime Financial raised $750 million in a series G funding round, led by investor Sequoia Capital Global Equities.[18] This values the company at about $25 billion.[18]


Chime offers various fee-free banking products, including checking accounts with no minimum balance, an automated savings feature, and early wage access.[19]

In September 2019, Chime launched SpotMe, a fee-free overdraft service where customers can overdraw their accounts up to $100 without incurring an overdraft fee; once the overdraft limit is reached, purchases will be declined but no traditional negative balance fees charged.[20]

Chime launched Credit Builder in June 2020, a credit card designed to help consumers build their credit history.[21]

See also[edit]


  1. ^ Maria Deutscher,"Mobile banking startup Chime lands $485M mega-round at $14.5B valuation". 18 September 2020. Retrieved 23 April 2015.
  2. ^ "25. Chime". 16 June 2020. Retrieved 23 April 2015.
  3. ^ a b Fuscaldo, Donna. "Digital Bank Chime Now Has a Valuation of $5.8 Billion". Forbes.
  4. ^ "Online bank Chime is said to near funding at $1.5 billion value". American Banker. Retrieved 2019-12-08.
  5. ^ "Chime". Growjo. Retrieved 19 November 2020.
  6. ^ Magana, Gregory. "Chime has hit 8 million accounts and is now offering a 1.6% interest rate on savings products". Business Insider.
  7. ^ "Home". Retrieved 2020-07-29.
  8. ^ "What type of account is my Chime account?". Chime Banking - Help Center. Retrieved 2020-07-29.
  9. ^ McGraw, Phil (April 15, 2014). "Dr. Phil Surprises a Guest Preparing for a New Baby". YouTube.
  10. ^ "Chime is now worth $14.5 billion, surging past Robinhood as the most valuable US consumer fintechs". CNBC. Retrieved 2020-11-01.
  11. ^ "Mobile bank Chime picks up credit score improvement service Pinch in all-stock deal".
  12. ^ Son, Hugh; Rooney, Kate (October 17, 2019). "Mobile bank Chime goes dark for millions of customers as it seeks $5 billion valuation". CNBC.
  13. ^ Rader, Doyle. "Dallas Mavericks Announce Multi-Year Partnership With Chime As Jersey Sponsor". Forbes.
  14. ^ Son, Hugh (April 2, 2020). "Chime pilots way to get $1,200 stimulus checks to users instantly after talks with Mark Cuban". CNBC.
  15. ^ "#ChimeCARES Update: Initial stimulus payments have been received. More on the way. | Chime". Banking Made Awesome. April 10, 2020.
  16. ^ "Chime has agreed to stop using the word "bank," after a California regulator pushed back". TechCrunch. Retrieved 2021-05-05.
  17. ^ a b Kessler, Carson (6 July 2021). "A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers' Money". ProPublica. Retrieved 8 July 2021.
  18. ^ a b Corrie Driebusch & Peter Rudegeair,"Chime Financial Raises $750 Million in Latest Funding Round". 2021-08-13. Retrieved 2021-08-23.
  19. ^ Green, Rachel. "Chime's recent earnings marks the largest single equity investment in a neobank". Business Insider.
  20. ^ "Chime now has 5 million customers and introduces overdraft alternative". TechCrunch. Retrieved 2021-04-07.
  21. ^ "US challenger bank Chime launches Credit Builder, a credit card that works more like debit". Techcrunch.