Chime

Provides a mobile-first checking account with no monthly fees, no minimum balance and fee‑free overdraft coverage up to $200, plus early direct‑deposit access and a high‑yield savings account earning up to 3.5% APY. The platform also offers a secured credit‑builder Visa card that reports to all major bureaus, cash‑back rewards, and an optional short‑term line of credit for advances. All services are delivered through a secure app with real‑time alerts and FDIC‑insured partner banks.

Traction 9/10

San Francisco, United States · HQ

Founded 2012

Updated 6 months ago

Funding

Funding not disclosed

Funding rounds are not available yet.

Founders

3 founders

Chris Britt

CEO and co-founder

Ryan K.

N/A

Shawn Carolan

N/A

Product

Problem

Consumers face high monthly fees, minimum‑balance requirements, and overdraft charges from traditional banks, while access to early payroll funds, credit‑building tools, and high‑yield savings is limited or costly.

Solution

The platform delivers a mobile‑first banking experience that eliminates monthly fees, minimum balances, and overdraft penalties. Users open a checking account linked to a Visa® debit card, receive direct deposits up to two days early, and can draw on a fee‑free overdraft line (SpotMe) of up to $200. Savings balances earn a variable 3.50% APY, and a secured credit‑builder card reports activity to the major bureaus to help improve credit scores. Optional services such as the MyPay line of credit provide short‑term advances, while the mobile app offers real‑time alerts, peer‑to‑peer payments, and cash‑back rewards on rotating categories. All transactions are processed through partner banks with FDIC coverage and secured via encryption and Visa Zero Liability protection.

Target Audience

The service targets fee‑sensitive consumers, gig‑economy workers, and underbanked adults who need early payroll access, credit‑building tools, and high‑yield savings without traditional banking constraints.

Features

No monthly maintenance fees, no minimum balance, and fee‑free overdraft coverage up to $200 (SpotMe)
Direct deposit processing that makes funds available up to 2 days early
High‑yield savings account with a variable 3.50% APY (Chime+ tier)
Secured credit‑builder Visa® card that reports to Experian, TransUnion, and Equifax to boost FICO scores
1.5% cash‑back on rotating merchant categories via the Chime Card (no annual fee)
MyPay line of credit offering advances of $20–$500 with optional $2 instant‑fund fee
47 K+ fee‑free ATMs nationwide and fee‑free cash deposits at Walgreens® locations
Mobile app with real‑time balance notifications, peer‑to‑peer “Pay Anyone” transfers, and 24/7 in‑app support
End‑to‑end encryption, role‑based access controls, and Visa Zero Liability for card transactions