Move more than, Robinhood – Chime has become the most valuable U.S.-based customer fintech.
According to CNBC, Chime, a so called neobank that provides branchless banking services to customers, is currently worth $14.5 billion, besting the price tag of massive retail trading platform Robinhood at about $11.2 billion, as of mid August, per PitchBook data. Business Insider also reported about the possible brand new valuation earlier this week.
Chime locked in the brand new valuation of its via a series F financial support round to the tune of $485 million from investors including Coatue, ICONIQ, Tiger Global, Whale Rock Capital, General Atlantic, Access Technology Ventures, Dragoneer, and DST Global, per CNBC.
The fintech has noticed huge development over its seven-year life. Chime primary come to 1 million users in 2018, and also has since added large numbers of customers, however, the business hasn’t claimed how many customers it currently has in total. Chime supplies banking services through a mobile app including no fee accounts, debit cards, paycheck advancements, and no overdraft charges. Over the program of the pandemic, cost savings balances achieved all-time highs, CEO Chris Britt told Fortune returned in May.
Britt told CNBC the competitor bank account will be poised for an IPO in the next twelve weeks. And it’s up in the air whether Chime will go the means of others just before it and get a particular purpose acquisition business, or perhaps SPAC, to go public. “I likely get calls coming from 2 SPACS a week to determine in the event that we’re thinking about getting into the markets quickly,” Britt told CNBC. “The reality is we have a selection of initiatives we wish to complete with the next 12 months to place us in a place to be market-ready.”
The challenger bank’s quick growth hasn’t been with no difficulties, however. As Fortune claimed, back in October of 2019 Chime suffered a multi-day outage that left a lot of clients unable to access their money. Following the outage, Britt told Fortune in December the fintech had increased capability as well as stress tests of the infrastructure of its amid “heightened consciousness to performing them in a more intense alternative offered the pace and the size of development that we have.”