The startup was preparing to announce a $1.8 million seed round of funding from Homebrew and Collaborative ahead of its acquisition.
Chime is now one of several millennial-focused mobile banks on the market, which do away with traditional banking fees as well as brick-and-mortar location. Others like Simple and Stash are also available, but Chime has raised over $110 million, making it the largest in terms of funding. The company today also shared new numbers – it says it has over 1.7 million bank accounts on its platform, and is opening more than 150,000 accounts per month – in line with Wells Fargo. It expects to surpass 2 million bank accounts and $10 billion in total transaction volume by year-end.