Press Release: Chime Brings Apple Pay to Members, Adds ‘Pay Friends’ Feature and Closes $9MM in Financing
San Francisco — May 19, 2016 — Chime (www.chimebank.com), the bank account that helps its members lead healthier financial lives and automate their savings, today announced a suite of new features including the availability of Apple Pay and separately, a new service to instantly pay friends and family. The mobile banking company also closed an additional $9 million of funding and has raised a total of $21 million to date. Lauren Kolodny, recently named to the Forbes 30 under 30 Venture Capital list, led the financing for Aspect Ventures and has joined Chime’s board.
With the addition of Apple Pay, Chime members can enjoy the convenience, privacy and security of making mobile payments at retailers nationwide as well as within their favorite apps. By adding Chime to Apple Pay on their iPhone, iPad, or Apple Watch, members can also benefit from Chime’s Automatic Savings and rewards when they make purchases with Apple Pay.
Security and privacy is at the core of Apple Pay. When you use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorized with a one-time unique dynamic security code.
In response to demand for more mobile payment options, the company also added a new person-to-person payment feature called Pay Friends which is available to members in the latest release of the Chime website and app which is now available on the App Store and Google Play store. Pay Friends lets members instantly send money to over 120,000 other Chime members. Members can use Pay Friends to square up with roommates for their share of rent and utilities or split the bill when dining out without using multiple cards.
“Our number one goal is to help our members live healthier financial lives. We know our members prefer to manage all aspects of their finances on their phone, and with these new features they’ll be able to save time and money when they make mobile payments with Chime” said Chime CEO Chris Britt. “We’re excited to partner with Lauren and the proven team at Aspect because of their fresh perspective and experience in building trusted consumer brands for the mobile generation.”
“What drew us to Chime was the passion and experience of their leadership team, and the fact that they’ve established themselves as a new brand in banking that consumers actually love,” said Lauren Kolodny. “We’re thrilled to partner with Chime to help them accelerate their product development and impressive customer growth.”
Crosslink Capital, Homebrew, PivotNorth Capital, Forerunner Ventures and SurveyMonkey CEO Zander Lurie also participated in the financing.
Fortune: Chime Wants To Be A Well-Liked Bank Account For Millennials
January 12, 2016 — Chime is hoping a mobile-focused bank, and features such as automatic savings, will help it compete with Wells Fargo and Chase.
It’s no secret that millennials are wary of big financial institutions. In one Viacom Media study, the big four banks ranked among the 10 least-loved U.S. brands by people born between 1981 and 2000.
That’s where Chime comes in. It is an upstart bank account that pitches itself as being built for a more technologically savvy-generation.
Unlike big banks, Chime was created during the smartphone era and, therefore, features an app that is more than just a way for customers to review their bank accounts, says Chris Britt who co-founded the company with Ryan King in 2013. Read More
San Diego Union Tribune: Banking’s big headache? Those millennials
July 10, 2016 — After banking with Wells Fargo for seven years, 27-year-old Kendra Kelsey needed just the slight nudge of a Facebook advertisement to get her to switch her checking account to a no-name startup with zero experience.
Kelsey moved her money to Chime, a 15-month-old mobile banking alternative that doles out debit cards with credit-card-like rewards. It sports a design more emblematic of a hip, social media app than the typical, no-frills banking app. The company now manages more than 50,000 accounts and has raised nearly $12 million in venture capital.
Chime is going after millennials, the technology dependent young people who a growing crop of tech startups assert are disillusioned with banks because of hidden fees and bland apps. Read More
Press Release: Chime Receives $8MM in Funding; Introduces Mobile Bank Account & Instant Rewards Program Aimed at Millennials
SAN FRANCISCO, Calif. — November 4, 2014 — Chime (www.chimebank.com), the bank account and rewards app for mobile millennials, has received $8 million in funding led by Crosslink Capital along with seed investors Homebrew, Forerunner Ventures and PivotNorth Capital.
Chime delivers a mobile banking alternative for the smart-phone generation that rewards consumers with more spending power and control. The company has introduced a mobile-first debit card and location-based rewards app. A Chime Account offers ubiquitous acceptance, personalized rewards and instant cash back with no overdraft or monthly fees.
“Millennials are seeking alternatives to traditional banks. They’re avoiding credit and want services that put the mobile experience first” said Chime CEO Chris Britt. “Chime is reimagining banking and payments with a fresh approach designed to give consumers the control of a debit account with instant rewards when they pay.”
Chime’s management team includes CEO Chris Britt, formerly a senior executive at Green Dot & Visa and Ryan King, former VP engineering at social networking pioneer Plaxo (sold to Comcast Interactive Media).
“We believe Chime has the opportunity to be a leader in payments and a trusted financial services brand for both young adults and the broader population” said Jim Feuille, General Partner at Crosslink Capital.
Mr. Britt is speaking at the Money 2020 conference today during the Launchpad 360 program.