Chris Britt
CEO and co-founder
Chime
Chime offers a mobile‑first, fee‑free checking account linked to a Visa debit card, providing access to a network of over 47,000 fee‑free ATMs and early direct‑deposit of paychecks up to two days in advance. The platform also includes a high‑yield savings account, fee‑free overdraft coverage, a secured credit‑builder card that reports to major bureaus, and instant, fee‑free peer‑to‑peer payments, all backed by FDIC‑insured partner banks.
Updated 4 days ago
Funding
Funding not disclosed
+16Funding rounds are not available yet.
Founders
Product
Problem
Many consumers face banking fees, minimum balance requirements, and limited access to early payroll, while traditional accounts often provide low interest on savings and lack tools for credit building. These constraints reduce financial flexibility, especially for gig workers and underbanked individuals. Additionally, overdraft penalties and costly ATM usage further erode disposable income.
Solution
Chime delivers a fully digital banking platform that eliminates monthly fees, minimum balances, and overdraft charges. Users can open a fee‑free checking account linked to a Visa® debit card and access a network of over 47,000 fee‑free ATMs. The service offers high‑yield savings with a variable APY up to 3.5%, early direct‑deposit access (up to two days before payday), and a line‑of‑credit advance (MyPay) of up to $500 before the scheduled pay date. SpotMe provides fee‑free overdraft coverage up to $200, while the secured Chime Credit Builder card enables credit‑building through automatic reporting to major bureaus and 1.5% cash‑back on rotating categories. Real‑time transaction alerts, in‑app card controls, and 24/7 support ensure security and user control. All deposits are FDIC‑insured through partner banks, and the platform integrates peer‑to‑peer payments without fees.
Target Audience
The primary customers are U.S. consumers seeking low‑cost, mobile‑first banking—particularly gig workers, underbanked individuals, and anyone who wants fee‑free accounts, early pay access, and tools to build credit.
Features
- Mobile‑first checking account with $0 monthly fees, no minimum balance, and unlimited free ACH transfers
- Access to 47K+ fee‑free ATMs nationwide via the Chime Visa® Debit Card
- High‑yield savings account delivering up to 3.5% APY, with interest calculated daily and credited monthly
- Early direct‑deposit processing that makes funds available up to 2 business days before the employer’s scheduled payday
- MyPay line‑of‑credit: up to $500 advance per pay cycle, interest‑free for 24‑hour advances, optional $2 fee for instant funding
- SpotMe fee‑free overdraft protection covering up to $200 on debit card purchases, with eligibility based on direct‑deposit history
- Secured Chime Credit Builder Visa® Card that reports payment activity to Experian, TransUnion, and Equifax, includes 1.5% cash‑back on rotating categories, and carries no annual fee or interest
- Peer‑to‑peer “Pay Anyone” transfers that are instant, fee‑free, and do not require the recipient to have a Chime account
- Real‑time alerts, in‑app card freeze/unfreeze, passkey and two‑factor authentication, and Visa Zero Liability protection for fraud mitigation
- 24/7 in‑app chat and phone support, plus a centralized Security Center for account management
- FDIC insurance up to $250,000 through The Bancorp Bank, N.A. or Stride Bank, N.A.