Today, that feature set includes an automatic savings option that will round up purchases, and one that socks away 10 percent of your paycheck into your Chime savings account. It also has a popular no-fee paycheck advance feature that will make your direct deposited paycheck available to you early – as soon as the deposit is initiated by the payroll provider and the bank is alerted.
This feature set and no-fee structure has attracted a number of young professionals from all over the U.S. to switch. The company passed over a million accounts a couple of weeks ago, and is now adding well over 100,000 new bank accounts per month. It has also generated over $4.5 billion in transaction volume to date, and expects to reach $10 billion by year-end.
Chime has a ring to it Just completed Series C funding and valued at half a billion dollars:moneybag:as Monzo look to a US expansion of their own. The pie across the pond should be big enough for both, but it’s a future competitor to keep any eye on. If only I was a crowdfunding investor I’d care more, but given I’m not I only care if Monzo may imitate some of their features.