This funding helps Chime reach a $25B valuation. Here are the top-line bullets you need to know.
Chime, a digital banking platform, has raised $750M in a Series G. The round drew participation from Sequoia Capital, Tiger Global Management, General Atlantic, SoftBank Group, and Dragoneer Investment Group.
HOW’S THE COMPANY PERFORMING?
- California-based Chime collaborates with regional banks to create member-centric financial products, coining itself as a financial technology firm rather than a bank.
- The company reportedly has more than 5M customers in the US.
- Chime has more than tripled its revenue since 2020 and generated a positive EBITDA. The company is adding hundreds of thousands of accounts per month.
WHY DOES THE MARKET MATTER?
- The fintech market is projected to grow at a CAGR of 23.4% to reach a value of $324B by 2026, according to Market Data Forecast.
- The global fintech adoption rate stands at 25%, signaling the presence of growth opportunities for providers and first movers.
- The market has seen a boom in funding in recent years. In Q2’21, VCs invested $30.8B in fintech companies — across 657 deals.
- The Covid-19 pandemic has driven the adoption of cashless transactions and increased demand for digital payment solutions and online payment gateways.