Chime, a San Francisco-based largest and fastest growing mobile challenger banking company, as per recent reports, is now valued at $1.5 billion, after raising $200 million in a recent funding round led by DST Global, a venture capital firm specializing in late stage investments.
The round saw participation from new investors: General Atlantic, Coatue, ICONIQ Capital, and Dragoneer Investment Group; along with existing investors: Forerunner Ventures, Menlo Ventures, Cathay Innovation, and others.
According to Chris Britt, Co-founder and CEO, Chime, the firm will be utilizing this newly raised investment to launch new products in credit building and short-term lending. The challenger banks current offering includes a debit card, a checking (current) account, and a savings accounts. Furthermore, Chime plans to hire more professionals expanding its current 120-personnel team to 200 by the end of 2019. Last year, in 2018, the bank hired Brian Mullins, the former head of risk ops at Square, and Aaron Plante, the former business unit leader for student loans at SoFi.
Also, last year, in Jun. 2018, the mobile banking challenger raised $70 million in Series C funding led by Menlo Ventures.
The mobile challenger bank, has no minimum deposit limit, no monthly service fees, no fund transfer fees, no foreign transactional charges, and a huge customer base with over three million bank accounts.