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Chime: Raises $500M On $5.8B Valuation

Chime: Raises $500M On $5.8B Valuation

  • The funding, led by DST Global, is the largest individual equity investment for a challenger bank
  • DST Global led the Chime’s previous funding round that closed in March
  • Chime’s account base is 6.5 million, up from 1 million last year
  • The branchless bank also offers no-fee accounts and free overdrafts and goes after customers who are dissatisfied with traditional banks
  • Then the startup’s valuation is about 20 times its revenue, which is estimated at $300M this year
  • Chime’s rapid growth is happening as competition in the digital banking market widens

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