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Chime Receives $8MM in Funding; Introduces Mobile Bank Account & Instant Rewards Program Aimed at Millennials

SAN FRANCISCO, Nov. 4, 2014 (GLOBE NEWSWIRE) -- Chime (www.chimecard.com), the bank account and rewards app for mobile millennials, has received $8 million in funding led by Crosslink Capital along with seed investors Homebrew, Forerunner Ventures and PivotNorth Capital.

Chime delivers a mobile banking alternative for the smart-phone generation that rewards consumers with more spending power and control. The company has introduced a mobile-first debit card and location-based rewards app. A Chime account offers ubiquitous acceptance, personalized rewards and instant cash back with no overdraft or monthly fees.

"Millennials are seeking alternatives to traditional banks. They're avoiding credit and want services that put the mobile experience first," said Chime CEO Chris Britt. "Chime is reimagining banking and payments with a fresh approach designed to give consumers the control of a debit account with instant rewards when they pay."

Chime's management team includes CEO Chris Britt, formerly a senior executive at Green Dot & Visa and Ryan King, former VP engineering at social networking pioneer Plaxo (sold to Comcast Interactive Media).

"We believe Chime has the opportunity be a leader in payments and a trusted financial services brand for both young adults and the broader population," said Jim Feuille, General Partner at Crosslink Capital.

Mr. Britt is speaking at the Money 2020 conference today during the Launchpad 360 program.

About Chime:

Based in San Francisco, Chime partners with FDIC-insured banks to design and deliver innovative financial services products for a mobile generation.

CONTACT: Media Contact: Gareth Edmondson-Jones, GEJ, Ink 917 399-9355Source: Chime