This particular fintech has become much more valuable than Robinhood
Proceed over, Robinhood – Chime is now the best U.S. based consumer fintech.
According to CNBC, Chime, a so-called neobank that provides branchless banking services to buyers, is now worth $14.5 billion, besting the asking price of massive list trading platform Robinhood at around $11.2 billion, as of mid August, a PitchBook details. Business Insider also claimed about the possible brand new valuation earlier this week.
Chime locked in its new valuation through a series F financial backing round to the tune of $485 million from investors like Coatue, ICONIQ, Tiger Global, Whale Rock Capital, General Atlantic, Access Technology Ventures, Dragoneer, and DST Global, per CNBC.
The fintech has viewed enormous advancement over the seven year lifespan of its. Chime first come to one million users in 2018, and has since extra large numbers of purchasers, nevertheless, the business has not said the amount of customers it presently has in total. Chime offers banking services by way of a mobile app as well as no-fee accounts, debit cards, paycheck advancements, and no overdraft fees. With the course of the pandemic, financial savings balances attained all-time highs, CEO Chris Britt told Fortune back in May.
Britt told CNBC the opposition bank would be poised for an IPO within the following 12 months. And it is up in the atmosphere whether Chime will go the method of others just before it and opt for a special goal acquisition company, or SPAC, to go public. “I most likely get messages or calls coming from two SPACS a week to determine in the event that we’re thinking about getting into the market segments quickly,” Britt told CNBC. “The reality is we have a number of initiatives we desire to go through with the following twelve months to set us in a position to be market-ready.”
The competitor bank’s quick growth hasn’t been with no troubles, however. As Fortune claimed, again in October of 2019 Chime suffered a multi day outage that left a lot of clients not able to access their money. Following the outage, Britt told Fortune in December the fintech had increased capability and pressure testing of its infrastructure amid “heightened awareness to carrying out them in a much more intense way provided the measurements and also the pace of growth that we have.”