Leading digital bank in US

The company is already in Dizraptor’s portfolio since Nov 10. New offerings are possible in the future

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About the Company

Chime is the US largest digital bank. Chime Bank is also a branch-less mobile bank that allows users to access its services through an app. Customer’s Chime spending account and savings account come with a free Visa debit card. Chime mobile application lets you control your savings, account balances and transactions, instantly transfer money to your friends, deposit paper checks by photo and much more.

Unlike traditional bank accounts, there are no monthly account fees and minimum balance requirements, overdraft is fee-free. Chime doesn’t profit off of customers. Every time a customer uses his Chime debit card, Chime earns a small amount from Visa paid by the merchant.

Market Opportunities

Nearly 2 billion people in the world don’t have access to banking services. Digital banks represent a powerful tool for advancing financial inclusion, helping more and more people to manage their money effectively. Pitchbook estimates that digital banks will serve 145 million people in North America and Europe by 2024.

In 2018, the global digital banking market was valued at $804B and is expected to reach $1.7T by 2027, growing at a CAGR of 10%. In 2019, the digital banking market in North America was valued at $376B and is predicted to reach $721B by 2027, growing at a CAGR of 8.3%.

Financials and Valuation

In 2019, Chime reached nearly $200M in revenue, a fourfold increase over 2018, according to Forbes ($300M according to CNBC). Chime CEO Chris Britt said that the company has more than tripled its transaction volume and revenue during the pandemic and has become profitable on an EBITDA basis. Chime is expected to reach $1.5B in revenue in 2021. Cornerstone Advisors and StrategyCorps estimate that 12 million U. S. consumers are now customers of online bank Chime as of February 2021.

Chime has raised $2.3B from investors, including Yuri Milner's DST Global, Tiger, ICONIQ, General Atlantic, Dragoneer, and hedge funds investing in public and private firms. Its Series G investment round in August 2021 raised $700M valuing the company at $5B ($69 price per share).


Long-term activity risk. Chime is a leading digital bank, but it faces intense competition in the market. Chime's top competitors include SoFi, Moven, Varo Money, Cash App. Also, companies from other segments may foray into the digital banking market. Apple has launched its new iPhone-integrated credit card, registering 3 million credit cards within the first year.

Overestimated market valuation. Digital banking is relatively young, there is a risk that analysts and venture investors are overestimating the industry’s growth potential. Chime hasn’t disclosed its financial statements. It is unclear if it shows any tendency toward profitability.


Challenger Bank Chime Reaches The 12 Million Customer Mark, Forbes, February 2021

Fintech firm Chime valued at $25 bln after $750 mln funding, Reuters, August 2021

Global Digital Banking Market to Reach up to $1,702.4 Billion by 2026, GlobeNewswire, November 2021

Emerging Technology Research, PitchBook Data, August 2020 (pdf)

Chime is now worth $14.5 billion, surging past Robinhood as the most valuable US consumer fintech, CNBC, September 2020

Dizraptor Application. Dizraptor is a platform for collecting orders and funds from investors for buying shares of private companies mentioned in offerings of special purpose vehicles (funds). Publisher does not guarantee the collection of sufficient funds for participation in a deal. There may be no active offers on the secondary market, or they may not match the amount of funds raised.

Eligible Purchasers. The interests in funds will be sold only to “accredited investors” as defined in Rule 501(a) of Regulation D. It also may be required that interests are sold only to “qualified purchasers” as defined in Section2(a)(51) of the Investment Company Act of 1940.

Offerings. Interests in the funds are sold in accordance with the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated under the Securities Act, and other exemptions of similar import in the laws of the states where the offerings will be made. The funds mentioned in offerings will not be registered as investment companies under the Investment Company Act of 1940.

Past Performance. Past performance is no guarantee of future results. Any forecasts are inherently limited and should not be regarded as indicators of actual or future results.

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