Chime, a San Francisco, CA-based mobile banking startup, raised an additional $200m in Series D financing.
The round, which valued the company at $1.5 billion, was led by DST Global, with participation from new investors Coatue, General Atlantic, ICONIQ Capital and Dragoneer Investment Group, and existing investors Menlo Ventures, Forerunner Ventures, Cathay Innovation and others.
The company intends to use the fundfs to continue to expand operations and its development efforts to launch new lending and credit products and its business reach.
Co-founded by CEO Chris Britt and CTO Ryan King, Chime offers a connected approach to banking giving customers control of their finances via a debit card, a spending account, a aavings account, and a mobile app, which available for iPhone and Android devices.
At the end of January 2019, the company said oit was on track to open more than 100,000 bank accounts per month and expected to reach 1 million total this quarter. It had opened more than 750,000 bank accounts to date and recorded over $2.5 billion in total transaction volume.