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Havish Gupta
Figuring Out • 2m
How Chime Became America’s Biggest Neobank! So Back in 2012, Chris Britt and Ryan King realized that people were living paycheck to paycheck while banks were making billions from overdraft fees, monthly charges, and intrests. Thus, they decided to build a bank with zero fees, and that’s how Chime was born! Unlike traditional banks, Chime didn’t have physical branches. Instead, it operated as an online-only bank that partnered with existing banks to offer fee-free banking services such as checking and saving account. With this thought, they launched their first product, a prepaid card in 2014, and the next year, a service to borrow salary two days early. Finally in 2016, they added savings and checking accounts with no fees. And from then on, they just kept growing! Tho Chime faced various regulatory issues, it still managed to overcome all the hurdles and kept expanding. Today, it has over 22 million active users, generates $1.3 billion in revenue, and is a $25 billion startup.
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