Mobile bank Chime hits $1.5bn valuation through latest VC-backed financing round

US mobile banking startup Chime has struck a $1.5bn valuation thanks to a Series D funding round led by venture capital house DST Global.

New investors General Atlantic, Coatue, Iconiq Capital and Dragoneer Investment Group all took part in the $200m round alongside existing Chime backers Forerunner Ventures, Cathay Innovation and Menlo Ventures.

Chime’s new valuation is about three times the company’s worth at the time of its $70m Series C round nine months ago.

The fintech company, which was launched in 2013, currently has more than three million account holders for its app and associated debit card.

Chime aims to help its customers by promising no hidden fees, providing a system which can see them get their monthly wage two days early, and utilise automatic saving whenever they make a purchase or get paid.

Last month London-based FinTech Staling Bank raised £60m in a Series C funding round as well as additional $15m investment from an existing backer.

Merian Global Investors led the round for the digital banking platform, bringing its total invested in Starling to approximately £50m.

Copyright © 2019 AltAssets

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