Chime
About Chime
Chime is a US neobank founded by Chris Britt and Ryan King in 2013. Chime offers fee free banking through a partnership with The Bancorp Bank and Stride Bank, avoiding the need for its own bank charter. Chime grew to over 14 million customers by targeting Americans underserved by traditional banks. The bank pioneered early direct deposit, giving customers access to paychecks two days early. Chime was valued at 25 billion in 2021 but delayed its IPO plans. The company faced criticism for its customer service and account closure practices. Chime represented the BaaS model where fintech companies offer banking products through partner banks. Chime competes with traditional banks like Wells Fargo and Bank of America as well as other neobanks like Varo and Current.
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