Go more than, Robinhood – Chime is currently the best U.S.-based buyer fintech.
According to CNBC, Chime, a so-called neobank offering branchless banking services to buyers, is currently worth $14.5 billion, besting the sale price of massive retail trading wedge Robinhood at about $11.2 billion, as of mid August, per PitchBook details. Business Insider also claimed about the possible new valuation earlier this week.
Chime locked in the brand new valuation of its through a sequence F funding 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 progress over its seven year existence. Chime first arived at one million owners in 2018, and also has since additional large numbers of consumers, nonetheless, the business hasn’t claimed the amount of users it currently has in total. Chime supplies banking products by way of a mobile app such as no-fee accounts, debit cards, paycheck advances, and absolutely no overdraft fees. Over the course of the pandemic, savings balances reached all-time highs, CEO Chris Britt told Fortune returned in May.
Britt told CNBC the challenger bank account would be poised for an IPO in the following twelve weeks. And it is up in the atmosphere whether Chime will go the way of others just before it and opt for a special goal acquisition business, or perhaps SPAC, to go public. “I probably get phone calls from 2 SPACS a week to determine if we’re thinking about getting into the market segments quickly,” Britt told CNBC. “The reality is we have a number of initiatives we desire to go through over the next twelve months to place us in a place to be market-ready.”
The competitor bank’s quick progress hasn’t been without challenges, however. As Fortune reported, again in October of 2019 Chime endured a multi-day outage that left many clients not able to access the money of theirs. Following the outage, Britt told Fortune in December the fintech had increased capability and pressure tests of the infrastructure of its amid “heightened consciousness to performing them in a much more strenuous option provided the dimensions and also the speed of growth that we have.”