The online-only bank Chime has 5 million customer accounts, after passing the 4 million mark in June.
The online-only bank now has 5 million customer accounts, after passing the 4 million mark in June.
Challenger banks like Chime are attracting billions in venture capital backing. In 2019, funding for digital start-up banks has already eclipsed last year's record of $2.3 billion, according to data from CB Insights.The San Francisco-based start-up bank, which doesn't have any physical locations, said it passed the 5 million customer mark Wednesday.
According to CB Insights, digital-first "challenger banks" are the fastest growing group among financial technology startups. In the second quarter alone, challenger banks raised $649 million across 17 venture capital deals, according to the data firm. So far this year, funding for Chime and others like Monzo and Revolut have already eclipsed last year's record of $2.3 billion.at $1.5 billion after a Series D funding round, offers no-fee checking and saving accounts.
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