SAN FRANCISCO, May 16, 2018 /PRNewswire/ -- Chime announced it surpassed one million accounts to date last month and has now processed more than $4.5 billion in total transaction volume, solidifying Chime's position as the clear leader in the U.S. challenger banking segment.
Unlike traditional banks that charged consumers over $34 billion in fees in 2017, Chime is transforming the consumer banking experience. The company's unique business model, which doesn't rely on fees, allows Chime to relentlessly focus on its mission of helping members lead healthy financial lives.
Since January 2017, Chime members have avoided hundreds of millions of dollars in potential overdraft fees and put over $150 million into savings with the help of Chime's automated savings tools. Chime members have access to a Spending Account, an optional Savings Account, Chime Visa® Debit Card, and an award-winning mobile app.
"One million bank accounts is an exciting milestone for us and it's just the beginning," said Chris Britt, Co-founder & CEO of Chime. "We're thrilled to usher in a new era in consumer banking and serve the many Americans who we believe are frustrated with traditional banks. This year we'll launch new products with a continued focus on improving our members' financial lives while refusing to profit from their mistakes or misfortune."
Chime's membership is broadly representative of Americans across all 50 states including millennials with a range of incomes.
About Chime: Chime, the leader in U.S. challenger banking, helps members avoid bank fees, save money automatically, and lead healthier financial lives. Founded by financial and tech industry veterans Chris Britt and Ryan King, Chime offers its members a Spending Account, an optional Savings Account, Chime Visa® Debit Card, and a powerful mobile app that gives them complete control of their finances. The Chime mobile app is available for iPhone® and Android devices and has been featured as one of the best Money Management apps in the App Store. Chime's global network of investors includes Aspect Ventures, Cathay Innovation, Crosslink Capital, Forerunner Ventures, Homebrew, Northwestern Mutual Future Ventures, Omidyar Network and PivotNorth Capital. To learn more about Chime visit http://www.chime.com.
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Banking Services provided by The Bancorp Bank, Member FDIC. The Chime Visa Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.