US-based mobile banking startup Chime has secured an additional $200m in a series D financing round by DST Global.
Image: Mobile banking startup Chime has raised $200m series D financing. Photo: courtesy of Silatip / FreeDigitalPhotos.net.
With the completion of the latest round, Chime is now valued at $1.5bn. The firm has raised around $300m funds till date.
The series D financing round witnessed the participation of new investors such as Coatue, General Atlantic, ICONIQ Capital and Dragoneer Investment Group, as well as existing investors such as Menlo Ventures, Forerunner Ventures and Cathay Innovation.
Chime founder and CEO Chris Britt said: “Banking should be free, helpful and easy to use but traditional banks are reluctant to embrace this reality.
“We aim to set a new standard in the industry by using technology to create services that are truly aligned with the best interests of consumers.”
Chime’s mobile banking app helps customers to manage all online banking on the go. It enables to track account balances, daily transactions and savings from anywhere.
The mobile banking app can be used to instantly send money to friends using Pay Friends feature. It facilitates to deposit paper checks with the snap of a photo using mobile check deposit.
Chime’s mobile banking app sends notification when direct deposit is posted into customer’s spending account.
Chime said that it provides online banking with no monthly fees or open deposit and no minimum balance is required to manage the account.
Various features of the Chime mobile banking app are 128-bit AES encryption, access control and secure processes to safeguard customer’s money.
Chime mobile banking app is said to work on all smartphone mobile devices, including iPhone and Android device. The mobile banking app enables to locate an in-network free ATM and use Chime debit card to make a withdrawal without the fees.
Withdrawals can be carried out at more than 38,000 fee-free MoneyPass and Visa Plus Alliance ATMs or over 30,000 cash-back locations.
In addition, the app allows customers to connect to their external bank account, credit cards and investment accounts, and transfer money into Chime account.