Chime has raised $200 million in a new round led by DST Global, bringing the digital-only banking company’s total funding to $300 million. The San Francisco company’s total valuation is at $1.5 billion, according to the company.
The new push of cash will be used to launch new products in both credit building and short-term lending, broadening the smartphone-friendly company’s offerings, Chime said in its press release.
Chime’s appeal comes from its lack of fees. “No overdraft. No minimum balance. No monthly service fees. No foreign transaction fees. No transfer fees,” according to its website. If you couldn’t tell, it’s targeting a millennial audience that wants an easy-to-use banking app. Read rest here.