So the more members spend, the more money we make.
Instead, Chime earns a small sum from Visa on Chime card transactions. We designed Chime app differently, with a business model that doesn’t rely on fees to make a profit. At Chime we’re dedicated to building a new kind of account that helps members get ahead by making the hard parts of managing money easy. How do we do this? By eliminating unnecessary fees and creating a service that puts members in control, helps them form healthy habits, and empowers their financial well-being. Managing money is hard, and too often banks aren’t making it easier. We created Chime for one very powerful reason: to empower people to lead healthier financial lives. The company was founded with the idea of empowering people to make better financial choices. They provide the banking back end, while the front end brand, presence, and software are created and maintained by Chime. Those banks provide private-label banking solutions to a lot of financial services like Chime, Simple, and others. The company has raised over $12 million in venture funding.Ĭhime uses a banking partner, the Bancorp Bank, and Stride Bank. Chime app has been around for a while now, co-founded by Chris Britt and Ryan King in 2013.
