Chime, a San Francisco, CA-based mobile banking startup, raised $18m in Series B financing.
The round, which brought total funding to $36M, was led by global venture fund Cathay Innovation with participation from Northwestern Mutual Future Ventures, Omidyar Network, Crosslink Capital, Aspect Ventures, Forerunner Ventures and Homebrew.
The company intends to use the funds to accelerate growth and to develop new products adding new features to help members automate more aspects of their financial lives and introducing new services through its open APIs and partnerships with financial companies.
Founded by financial and tech industry veterans Chris Britt and Ryan King, Chime provides a mobile banking platform that enables members to avoid fees and save money automatically via a debit card, a spending account, a savings account, and an app that keeps them in control.
The Chime mobile app is available for iPhone and Android devices.
The company has opened over 500,000 bank accounts to date.