Chime (company)

Chime is a financial technology company, not a bank, providing mobile banking services through partnerships with The Bancorp Bank, N.A. and Stride Bank, N.A.; Members FDIC. Its core offering centers around a mobile banking app and a Visa debit card. Chime aims to provide a fee-free banking experience, generating revenue primarily through interchange fees paid by merchants when customers use their Chime debit cards.

The company was founded in 2012 by Chris Britt and Ryan King and is headquartered in San Francisco, California. Chime's services include direct deposit, mobile check deposit, fee-free overdraft protection up to a specified limit (SpotMe), early access to paychecks (typically up to two days early), and high-yield savings accounts (Chime Savings Account) offered through partner banks.

Chime's target market is primarily younger adults and individuals who are underserved by traditional banking institutions. The company emphasizes ease of use and accessibility through its mobile-first platform. Chime also offers a secured credit card (Chime Credit Builder Visa Credit Card), designed to help users build credit history.

While Chime provides many of the services traditionally associated with banks, it is crucial to remember that Chime is a fintech company that partners with banks to provide these services. The funds are held by, and FDIC insurance coverage is provided through, their partner banks.