Chime closed a new funding round that brings its valuation to $1.5 billion.
div > div.group > p:first-child"> The San Francisco-based company announced a $200 million Series D financing round on Tuesday that brings its new valuation to $1.5 billion. Investors were led by DST Global, which also participated in earlier fundraising rounds, and new investors Coatue, General Atlantic, ICONIQ Capital and Dragoneer Investment Group, the company announced Tuesday.
The online-only bank lets customers deposit and save money on its platform and spend using a no-fee debit card. Chime earns revenue from debit card transaction fees paid by merchants. Accounts are FDIC-insured through a partnership with Bancorp Bank. The partnership model is an increasingly popular set-up for financial technology start-ups that don't have their own bank charters.
So-called"challenger banks" are an increasingly popular option for consumers who don't want traditional branch-based banking options. These upstart banks often cite the competitive advantage of building their companies on modern technology with a lower cost structure than traditional banks. Since they're only online, they also avoid costs associated with maintaining branches.
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