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Chime (company)

Not to be confused with Chime Communications Limited or Chime Communications (Australia).
Chime Financial, Inc.
Company typePrivate
IndustryFinancial services
Founded2012 (2012)
FoundersChris Britt and Ryan King[1][2]
Headquarters101 California Street
San Francisco, California, United States
Key people
ProductsChecking accounts, savings accounts, debit cards, p2p, credit cards, fee-free overdraft
RevenueIncrease US$200 million (2019)[3]
Total assetsIncrease US$5.8 billion (2019)[3]
Websitechime.com

Chime Financial, Inc. is a San Francisco–based financial technology company that partners with regional banks to provide certain fee-free[4][5] mobile banking services. The company offers early access to paychecks, negative account balances without overdraft fees,[2] high-yield savings accounts,[5] peer-to-peer payments,[6] and an interest-free secured credit card.[7] Chime earns the majority of its revenue from the collection of interchange fees on debit card transactions.[8]

Chime is not a bank and Chime customers do not have a customer relationship with its banks. Chime can and does cancel user accounts without notice; moreover, it is not required to provide a reason for the cancellation to the customer or even have a reason. Customers cannot appeal to banking regulators to retrieve their deposits, which may not be returned in a timely fashion.[9][10]

  1. ^ Maria Deutscher,"Mobile banking startup Chime lands $485M mega-round at $14.5B valuation". siliconangle.com. 18 September 2020. Retrieved 23 April 2015.
  2. ^ a b "25. Chime". cnbc.com. 16 June 2020. Retrieved 23 April 2015.
  3. ^ a b Fuscaldo, Donna (December 5, 2019). "Digital Bank Chime Now Has a Valuation of $5.8 Billion". Forbes.
  4. ^ "Everything You Need to Know About Banking With Chime". Entrepreneur. Retrieved 2023-07-23.
  5. ^ a b Cite error: The named reference ForbesAdvReview was invoked but never defined (see the help page).
  6. ^ "Digital Banking Challenger Chime Now Allows Users to Send Money to "Anyone and Everyone"". Crowdfund Insider. Retrieved 2021-04-17.
  7. ^ "Best credit cards for rebuilding your credit of August 2023". USA Today. 2023-08-23.
  8. ^ "Online bank Chime is said to near funding at $1.5 billion value". American Banker. 6 February 2019. Retrieved 2019-12-08.
  9. ^ Zimmermann, Stephanie (November 25, 2022). "Closed accounts, no money: Chime app users complain they were suddenly shut out of their online accounts". Chicago Sun-Times. Retrieved 2022-11-26.
  10. ^ Cite error: The named reference ProPublica2021-07-06 was invoked but never defined (see the help page).

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