Move over, Robinhood – Chime is currently the most effective U.S.-based buyer fintech.
Based on CNBC, Chime, a so-called neobank that provides branchless banking services to clients, is now worth $14.5 billion, besting the sale price of substantial list trading platform Robinhood at about $11.2 billion, as of mid August, per PitchBook data. Business Insider also reported about the possible new valuation earlier this week.
Chime locked in its brand new valuation through a series F funding 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 seen massive advancement over the seven-year life of its. Chime first come to one million drivers in 2018, as well as has since additional millions of customers, nonetheless, the business enterprise has not claimed the number of users it presently has in total. Chime provides banking providers through a mobile app such as no fee accounts, debit cards, paycheck developments, and simply no overdraft fees. Over the study course of the pandemic, savings balances reached all-time highs, CEO Chris Britt told Fortune returned in May.
Britt told CNBC the competitor bank account is going to be poised for an IPO within the next twelve weeks. And it is up in the atmosphere whether Chime will go the method of others just before it and choose a special goal acquisition company, or perhaps SPAC, to go public. “I likely get calls from two SPACS a week to see in the event that we’re thinking about getting into the markets quickly,” Britt told CNBC. “The reality is we have a selection of initiatives we desire to go through over the next 12 months to set us in a spot to be market-ready.”
The challenger bank’s fast progress hasn’t been with no difficulties, however. As Fortune reported, again in October of 2019 Chime endured a multi day outage which left many clients struggling to access the money of theirs. Following the outage, Britt told Fortune in December the fintech had increased potential and pressure testing of the infrastructure of its amid “heightened attention to carrying out them in an even more rigorous alternative given the measurements and the pace of growth that we have.”