Go more than, Robinhood – Chime is currently the best U.S. based buyer fintech.
According to CNBC, Chime, a so-called neobank that provides branchless banking services to customers, is now worth $14.5 billion, besting the asking price of substantial retail trading platform Robinhood at around $11.2 billion, as of mid August, per PitchBook information. Business Insider also claimed about the possible brand new valuation earlier this week.
Chime locked in the new valuation of its via a sequence F funding round to the tune of $485 million coming from investors including Coatue, ICONIQ, Tiger Global, Whale Rock Capital, General Atlantic, Access Technology Ventures, Dragoneer, and DST Global, a CNBC.
The fintech has seen enormous expansion over its seven-year lifespan. Chime primary reached 1 million users in 2018, and has since added millions of buyers, however, the company has not claimed the number of customers it presently has in total. Chime offers banking providers via a mobile app including no-fee accounts, debit cards, paycheck developments, and simply no overdraft charges. With the course of the pandemic, savings balances achieved all-time highs, CEO Chris Britt told Fortune back in May.
Britt told CNBC the opposition savings account is going to be poised for an IPO within the following 12 weeks. And it’s up in the atmosphere whether Chime will go the means of others before it and opt for a specific objective acquisition company, or perhaps SPAC, to go public. “I most likely get messages or calls coming from 2 SPACS a week to see if we’re considering getting into the marketplaces quickly,” Britt told CNBC. “The reality is we have a number of initiatives we want to complete with the next 12 months to place us in a position to be market-ready.”
The challenger bank’s quick progression hasn’t been with no difficulties, however. As Fortune claimed, back in October of 2019 Chime suffered a multi-day outage that left a lot of clients unable to access their funds. Following the outage, Britt told Fortune in December the fintech had increased capability and pressure testing of the infrastructure of its amid “heightened awareness to carrying out them in a more intense way given the speed and also the dimensions of growth that we have.”