What Bank Owns Chime?

Are you curious about the bank that owns Chime? Worry no more, as I am here to help. Let’s get straight in! 

Chime is not owned by a traditional bank. Instead, it is an independent financial technology company that partners with two FDIC-insured banks, The Bancorp Bank and Stride Bank, to provide deposit accounts. This allows Chime to offer its customers FDIC insurance up to $250,000 per account.

In the rest of the blog, I will dive deeper into the topic and explore the details surrounding Chime and its partnerships with these banks.

What Bank Actually Owns Chime Bank?

Well, the interesting thing is that Chime is not owned by a regular bank, but it’s actually a fintech company. Here’s a breakdown to make understand in a better way: 

  • Chime partners with two banks: The Bancorp Bank and Stride Bank. 
  • These banks provide the underlying infrastructure for Chime’s banking services, such as checking accounts and savings accounts. 
  • Bancorp Bank is responsible for processing Chime’s debit card transactions and managing deposit accounts. 
  • Stride Bank provides loans for Chime’s credit products. 

Isn’t it pretty cool how they make banking easier for their users?

Chime Bank’s Strategic Partnerships and Key Investors

The Partnership with The Bancorp Bank

Chime has been in partnership with The Bancorp Bank since 2013. The Bancorp Bank provides the underlying banking infrastructure for Chime’s deposit accounts, which include savings and checking accounts. Plus, The Bancorp Bank issues Chime’s debit cards too!

The Partnership with Stride Bank

In 2019, Chime partnered with Stride Bank to offer its customers a savings account with an annual percentage yield (APY) of up to 1.00%. Stride Bank is responsible for providing the savings account and managing it on behalf of Chime. The savings account can be linked to a Chime spending account, allowing for easy transfers between the two accounts. Quite neat, huh?

But hold on! Chime isn’t tied down to just these banks they’re currently partnered with. So if they feel like working with other banks down the road, they totally have that option! 


Some of the major investors in Chime Bank include DST Global, General Atlantic, Coatue Management, Iconiq Capital, and Menlo Ventures. These firms have collectively invested billions of dollars in Chime, helping the company achieve a valuation of over $14 billion as of 2021. 

It’s pretty impressive if you ask me!

The Ownership Structure of Chime

When it comes to the ownership structure of Chime, things can get a little complicated. Instead of being owned by just one bank or financial institution, Chime has multiple investors, some of whom are major players in the finance world. 

Here’s a breakdown of Chime’s ownership structure:

  • The largest shareholder in Chime is venture capital firm Menlo Ventures, which has invested more than $200 million in the company.
  • Other notable investors in Chime include Crosslink Capital, Forerunner Ventures, and Cathay Innovation.
  • In addition to these venture capital firms, Chime has also received funding from strategic investors such as PayPal Ventures, which invested $50 million in the company in 2020.
  • While Chime doesn’t have a single bank owner, it does partner with banks to offer its services. 

How does Chime work?

Chime is basically a terrific app that offers financial services to consumers. It’s not your typical financial institution; it’s what we call a neo-bank or challenger bank. Chime works by partnering with two banks to give its users free checking and savings accounts, debit cards, and other financial services. So, if you’re looking for a more convenient and modern way to manage your finances, Chime might be worth checking out!

Chime’s Valuation and Growth

This fintech startup has been on fire since it launched back in 2013. In fact, in 2019, Chime was already valued at a whopping $5.8 billion – making it one of the most valuable fintech startups in the US!

And guess what? Chime’s growth hasn’t slowed down one bit. In September 2021, the company’s valuation skyrocketed to an incredible $25 billion after a new funding round. Can you believe it?

So, what’s behind Chime’s incredible success? Well, a lot of things, actually. For starters, Chime’s innovative products and user-friendly interface have won over a lot of customers. And let’s not forget about their aggressive marketing campaigns that have helped to get the word out about their excellent services.

But that’s not all. Chime has also been riding the wave of the COVID-19 pandemic as more and more people have turned to digital banking services. So, it’s safe to say that Chime is definitely a fintech company to watch out for.

Benefits of Using Chime

Chime offers a variety of benefits to its users, including:

  • No monthly fees or minimum balance requirements
  • Early access to direct deposit funds
  • Automatic savings options
  • Overdraft protection
  • Fee-free ATM access at over 38,000 locations

It’s a game-changer when it comes to banking. The best part? You don’t have to worry about any monthly fees or minimum balance requirements.

And that’s not all – Chime also offers early access to your direct deposit funds, which means you can get your hands on that paycheck a little earlier. Plus, they have automatic savings options to help you save more effortlessly.

But wait, there’s more! Chime also offers overdraft protection, so you don’t have to stress about those pesky overdraft fees. And if you need cash, no worries – you can access fee-free ATMs at over 60,000 locations. How impressive is that?

All around, Chime is a fantastic choice for anyone looking for a hassle-free and convenient banking experience. 

Final Thoughts

To wrap things up, Chime is not owned by a traditional bank but partners with two FDIC-insured banks, The Bancorp Bank and Stride Bank, to provide deposit accounts and other banking services to its customers. 

These partnerships allow Chime to offer FDIC insurance up to $250,000 per account. And with its user-friendly mobile banking platform and no-fee structure, it’s no surprise that Chime has become a go-to for folks looking for an alternative to traditional banks. Definitely, something to consider if you’re looking for a new banking option!