Chime, a San Francisco, CA-based retail banking company, raised $70m in Series C funding.
The round, which has valued the company at about $500m, was led by Menlo Ventures, with participation from Forerunner Ventures, Aspect Ventures, Cathay Innovation, Northwestern Mutual, Crosslink Capital, and Omidyar Network.
The company, which has raised over $100m in total funding to date, intends to use the funds to expand operations, continue to develop its features, and its business reach.
Led by CEO Chris Britt and CTO Ryan King, Chime provides a mobile app that manages everything from tracking spending and savings to paying friends instantly.
Deposits are insured up to $250k through The Bancorp Bank, Member FDIC.
The Chime Visa Debit Card can be used everywhere Visa debit cards are accepted and is equipped with EMV chip protection.