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Chime: The no-fee app for everyday banking

Chime, the largest neobank in the US in terms of customer count, offers digital banking services to the retail segment via a web portal and mobile app.
  • The neobank offers high-yield savings and checking accounts inclusive of a debit card, all of which are provided free of charge and have no minimum balance requirements.
  • These accounts include benefits such as fee-free overdrafts of up to USD 200 on debit card purchases, cash advances that can be received up to two days early, as well as an automated savings option.
  • It also provides a prepaid credit-builder account that includes a credit card. The account automatically pays off the credit card balance using the funds transferred to the account and reports the payment to credit bureaus, helping users build their credit scores. This offering primarily targets millennials and Gen-Z customers.
Below, we present a detailed company teardown published by our content partner Sacra (May 2022), which takes a deeper look at Chime’s financials, business model, competitive environment, and market opportunities.

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