Chime raises $485mn in series F funding round

San Francisco based Chime is a mobile bank that offers a user-friendly banking experience through its app and accompanying debit card with no fees. According to a report by CNBC, the company has raised $485mn in series F funding, crowning it the most valuable US-based consumer fintech with its new $14.5bn valuation.

In December 2019, the digital bank was valued at $1.5bn, meaning it is now worth almost 900% more than it was 18 months ago. Like many tech-centric companies and challenger banks, Chime has seen a surge in revenue during the COVID-19 pandemic. In fact, Chief Executive Officer, Chris Britt told CNBC that the company experienced a tripled transaction volume and revenue this year.