Chime CEO Chris Britt. Photo credit: Christopher Michel on Flickr, licensed under Creative Commons

Corroborating a recent report of Chime, the digital banking upstart, looking to raise more funding at a valuation of between $12 billion to $15 billion, Chime has been reported to have bagged $485 million in Series F funding at a valuation of $14.5 billion, with CNBC the first to report on the company’s fundraising. It was only 18 months ago that Chime raised funding at a valuation of $1.5 billion, implying an impressive 900% valuation jump with the company’s new Series F funding. More impressive is the fact that Chime was founded only seven years ago and has apparently vaulted into the position of the most valuable consumer fintech upstart in the US, surpassing investment app Robinhood which was valued at $11.2 billion from its most recent financing round. In the overall US fintech market, Chime’s valuation is only beaten by payments company Stripe.

With Chime’s new funding, the San Francisco-based company has now raised a total of roughly $2 billion in funding since its inception. According to CNBC, Chime will have close to $1 billion in cash on its balance sheet following the reception of the $485 million Series F investment, giving the company ample runway to cater to expansion. Chime is primarily a digital bank for American users. The company offers mobile banking accounts and debit cards as well as ATM access to its customers. Chime makes money by taking fees when customers use their Chime cards, along with offering additional financial services such as payday loans. 

As of February this year, Chime reported having 8 million customers. It seems the coronavirus pandemic has meant good business for the company, as the demand for mobile banking services generally surged on the heels of the pandemic. 

The investors who provided Chime’s new funding aren’t named. 

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