Go more than, Robinhood – Chime is currently the most effective U.S.-based consumer fintech.
According to CNBC, Chime, a so-called neobank offering branchless banking services to customers, is now worth $14.5 billion, besting the price tag of massive retail trading wedge Robinhood at around $11.2 billion, as of mid August, a PitchBook information. Business Insider also said about the possible brand new valuation earlier this week.
Chime locked in the brand new valuation of its via a collection F financial backing round to the tune of $485 million from investors such as Coatue, ICONIQ, Tiger Global, Whale Rock Capital, General Atlantic, Access Technology Ventures, Dragoneer, and DST Global, a CNBC.
The fintech has noticed huge expansion over its seven-year life. Chime primary arived at one million owners in 2018, and also has since additional millions of consumers, though the company has not claimed the number of users it currently has in complete. Chime supplies banking products by way of a mobile app as well as no-fee accounts, debit cards, paycheck developments, and simply no overdraft charges. With the course of the pandemic, cost savings balances achieved all time highs, CEO Chris Britt told Fortune back in May.
Britt told CNBC the competitor bank account would 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 before it and get a special goal acquisition company, or SPAC, to go public. “I probably get calls from 2 SPACS a week to find out if we’re thinking about getting into the marketplaces quickly,” Britt told CNBC. “The truth is we have a selection of initiatives we want to finish over the next twelve months to set us in a spot to be market-ready.”
The competitor bank’s quick progress has not been without troubles, however. As Fortune reported, back in October of 2019 Chime endured a multi day outage which left many customers not able to access the money of theirs. Following the outage, Britt told Fortune in December the fintech had increased capacity and worry tests of the infrastructure of its amid “heightened consciousness to performing them in a much more strenuous alternative offered the measurements and also the pace of development that we have.”