Chime: Leading the Pack of Neobanks in the US
| Case Code: BSTR623 Case Length: 12 Pages Period: 2013- 2020 Pub Date: 2021 Teaching Note: Available |
Price: Rs.300 Organization: Chime Industry: Financial Services Countries: United States Themes: Banks and Banking, Banks and Banking, Business Level Strategies |
Abstract Case Intro 1 Case Intro 2 Excerpts
Introduction
In late 2020, Chris Britt, Chief Executive Officer (CEO) of Chime, a US-based neobank , announced that Chime was preparing to launch an initial public offering (IPO) by the end of 2021. The move reflected a growing preference for online banking during the COVID-19 pandemic and Chime’s desire to capitalize on this opportunity. Since its launch in 2013, Chime had raised US$ 1.5 billion from several investors. Chime started operations by launching Visa debit cards, a website – chime.com, and a mobile app for Android or iOS in 2014. Over the years, the bank had launched various products and services such as free checking accounts, savings account, credit cards, no overdraft fees, early access to direct deposit paychecks, automatic savings, and many others..
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