US-based mobile banking platform Chime has raised $70m in a series C round that featured financial services firm Northwestern Mutual’s corporate venturing division Northwestern Mutual Future Ventures, according to TechCrunch.
Venture capital firm Menlo Ventures led the C round, which also included Forerunner Ventures, Aspect Ventures, Cathay Innovation, Crosslink Capital and Omidyar Network. The company has now achieved a valuation of $500m.
Founded in 2013, Chime offers consumers fee-free banking through a mobile app and a Visa debit card. It makes money through merchant fees on debit card transactions and has opened more than a million accounts to date.
The company has generated more than $4.5bn in transaction volume to date and expected to reach $10bn by year-end.
The company has raised more than $100m to date, according to TechCrunch. Chime previously secured $18m in a series B round featuring Northwestern Mutual Future Ventures in September 2017.
Cathay Innovation, a VC fund managed by private equity firm Cathay Capital, led the series C round, which further included Crosslink Capital, Aspect Ventures, Forerunner Ventures, Homebrew and Omidyar Network.
In 2014, Crosslink Capital led an $8m round that included Homebrew, Forerunner Ventures and PivotNorth Capital. All four of these investors returned for a $9m round in 2016 that was led by Aspect Ventures and also included angel investor Zander Lurie.