Chime

Chime is a leading neobank that revolutionizes personal banking by offering no-fee checking accounts and innovative financial services through its user-friendly mobile app. Launched in 2012, Chime has quickly become the largest private neobank globally, catering primarily to middle-income millennials and the 75% of Americans living paycheck-to-paycheck. With an estimated revenue of $1.7 billion in 2024, up 31% from the previous year, Chime generates income primarily through interchange fees and out-of-network ATM charges, making banking accessible and affordable for its users.

Chime stands out in the competitive fintech landscape by providing features like early access to paychecks, a credit builder account, and a high-yield savings account with a 2% APY—significantly higher than traditional banks. As of May 2024, Chime boasts 7 million customers, many of whom benefit from its seamless banking experience. The company is also expanding its offerings, with plans to launch loans of up to $1,000, which could potentially double its revenue.

With a valuation of $25 billion following its Series G funding round, Chime is well-positioned for growth. The company aims to capture a larger share of the market by focusing on the 58% of working adults earning less than $65,000 annually, ensuring that it continues to meet the needs of underserved consumers while navigating the evolving financial landscape.