San Francisco-based challenger bank, Chime has raised $70m in a Series C funding round, led by Menlo Ventures.
The funding, which values the startup at $500m will go towards growing its team and pursuing other services it can provide. Earlier in the month, Chime also announced that it passed the one million customer mark.
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The challenger bank is only three years old and has stated that it is adding around 100,000 new customers a month.
Currently, with Chime, there are no monthly fees, no minimum balance or overdraft fees. Customers can also travel at ease knowing they will not be charged international transaction fees.
Chime is particularly popular among millennials with its user-friendly and seamless banking app.
The funding round also included existing investors Forerunner Ventures, Aspect Ventures, Cathay Innovation, Northwestern Mutual, Crosslink Capital, and Omidyar Network.
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