US-based mobile bank operator Chime has completed a $485m series F round backed by Access Technology Ventures, an investment vehicle for diversified conglomerate Access Industries, CNBC reported on Friday.
Coatue Management, Iconiq Capital, Tiger Global Management, Whale Rock Capital, General Atlantic, Dragoneer Investment Group and DST Global also took part in the round.
Chime is now valued at $14.5bn, more than doubling its $5.8bn valuation in December 2019 and increasing it almost tenfold in 18 months.
Founded in 2013, Chime is a so-called challenger bank that offers financial services through a mobile app and does not operate any physical branches. Customers have access to a current account, debit card, overdrafts and features such as receiving their salary early.
The company has trebled its transaction volume and revenue this year as people rely increasingly on digital products and shy away from physical branches amid the pandemic.
The company is adding hundreds of thousands of accounts per month, chief executive Chris Britt told CNBC, though he did not reveal a figure for its total userbase. Chime counted approximately 6.5 million customers in late 2019.
Chime did not say what it specifically intended to do with the funding, though it is aiming to be in a position for an initial public offering within a year. The company now has approximately $1bn in cash in the bank, a person familiar with the matter revealed to CNBC.
Chime has collected nearly $1.3bn in funding to date. It raised $500m in a series E round led by DST Global in December 2019, with participation from Access Technology Ventures, General Atlantic, Iconiq, Coatue, Menlo Ventures and Dragoneer.
DST Global already led a $200m series D round in March 2019, with contributions from Coatue, Dragoneer, General Atlantic and Iconiq.
Northwestern Mutual Future Ventures, the corporate venturing division of financial services firm Northwestern Mutual, took part in a $70m series C round in early 2018 that was led by Menlo Ventures.
Aspect Ventures, Cathay Innovation, Forerunner Ventures, Crosslink Capital and Omidyar Network also participated in the series C round.
Northwestern Mutual Future Ventures had already contributed to an $18m series B round in 2017 together with lead investor Cathay Innovation, Aspect Ventures, Omidyar Network, Crosslink Capital, Forerunner Ventures and Homebrew.
