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Chime raises $485 million, now most valuable fintech startup

Chime, mobile banking company has raised $485 million in funding, with $14.5 billion valuation, making it the most valuable private financial tech startup, according to a report on CNBC.

Chime has more than doubled its valuation from December 2019 with this second round of funding, and now it is worth nearly 900% more than it was at about a 18 months ago when it was at $1.5 billion valuation.

"Nobody wants to go into bank branches, nobody wants to touch cash anymore, and people are increasingly comfortable living their lives through their phones," Chris Britt, CEO, Chime said in the report. "We have a website, but people don't really use it. We're a mobile app, and that's how we deliver our services."

Chime is now adding hundreds of thousands of accounts every month, although no one is really sure how many users are on Chime.

The company eventually plans to go public, possibly next year, but it first plans to complete a number of initiatives before they are market-ready.