COMPANY PROFILE -Chime
Business Sector :Financial Technology Services
Operating Geography :United States, North America
About Chime :
Chime is an American technology neo-bank that offers banking services through its diverse mobile platform. It provides various services such as its track account services, daily transactions, and savings, instant money transfer through their Pay Friends service and more. The company is headquartered in San Francisco, California. Chime had 6.5 million accounts, up from 1 million the previous year. Chime was founded back in 2013 by Chris Britt and Ryan King. The founders focused on a new approach to banking that didn’t book profits taking advantage of customer’s financial mistakes. In fact it took pride in helping clients financially. Chime attracts its customers through its overdraft protection called “Spot Me” and their early deposit system which allows customers to get their paycheck up to two days. In response to the pandemic, Chime announced a pilot program in fiscal 2020, to provide users a 1,200 advance on the Economic Stimulus Payment via SpotMe for those whole e-filed tax returns with the IRS. Chime has surpassed a record, 5 million FDIC-insured bank accounts in only five years according to Forbes. In early 2021, the company tripled its transaction volume and revenue and it opened 400,000 new accounts during the pandemic. In January 2022, the company announced that it is preparing itself for the initial public offering (IPO) with $40 billion valuation; however the date has not yet been declared.
Chime’s unique selling proposition lies in being one of the Most Innovative Companies in 2019. Its mission statement reads, “We believe everyone deserves financial peace of mind. We’re building a new kind of bank account that helps members get ahead by making managing money easy. It’s your money. It’s your life. Chime in.”
Chime Revenue :
$600 million – FY ending 31st December 2020
$200 million - FY ending 31st December 2019
Competitive Analysis of Chime
The SWOT analysis for Chime is presented below in a table followed by the detailed analysis report.
Strengths | Weaknesses |
1. Strong valuations making it one of the most valuable American fintech start-ups
2. Strong hold on US customer base
3. Acquisitions as a step towards expansion.
4. No-fee services enabled by low-cost technology and no branches
| 1. Failing to compete with traditional banking key features
2. Frequent outages leaving customers stranded in middle of transaction
|
Opportunities | Threats |
1. Setting up full-fledged banking operations will bring in more customers and increase transactions
2. Partnering with leading brands of domains to offer certain perks to customers will also attract new accounts
3. Challenger banks’ growth as primary bank
| 1. Entry of European neo-banks in US will impact Chime |
On purchase the Chime SWOT and PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 1 hour might be caused.
Detailed SWOT Analysis of Chime
Strength
This section is available only in the 'Complete Report' on purchase.
Weakness
1. Failing to compete with traditional banking key features:
Chime is one of the leading neo-banks with big market share in the United States. It has also seen rise in its customer base. Users can sign up for free and create a free account to use. However key banking features are missing. Customers if using banking application wish to have all features inbuilt. Chimes have been working on these features but are yet to be introduced. Few such features are like personal loan, car loan, mortgage loan, trading services, investment assistant, standing instruction management etc. Although Chime provides free over-draft services, in traditional brick and mortar banks, all these services are available under the same roof along with helpful banking staff. In regards to the customer support operations, Chime has fixed working hours. As neo-banks do not have operational branch, customer support should have been 24*7. Competitors from Europe like N26 and Revolut Ltd. who are entering the US market offer these key facilities and can impact Chime’s business.
The remaining section of “Weakness” is available only in the 'Complete Report' on purchase.
Opportunity
This section is available only in the 'Complete Report' on purchase.
Threats
This section is available only in the 'Complete Report' on purchase.
The PESTLE / PESTEL analysis for Chime is presented below in a table followed by the detailed analysis report.
Political | Economical |
1. Encouraging millennials and users to vote | Advance stimulus payments to customers can be a risk if government delays payment. |
Social | Technological |
1. Customer expectations slowly moving towards a more digital banking mindset
2. Concern for privacy and safety is major fear among users
| 1. Continuous innovation is needed to attract investors and customers.
2. Technology driven personalized customer experience in banking
|
Legal | Environmental |
1. Operational without a banking license through insuring with FDIC bank partners.
2. Governments open to next level of fintech evolution
3. With evolving regulations, regtech becoming increasingly important
| 1. Driving sustainability through paper-less operations |
On purchase the Chime SWOT and PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 1 hour might be caused.
Detailed Pestle Analysis of Chime
Political
This section is available only in the 'Complete Report' on purchase.
Economic
This section is available only in the 'Complete Report' on purchase.
Social
This section is available only in the 'Complete Report' on purchase.
Technological
This section is available only in the 'Complete Report' on purchase.
Legal
1. Operational without a banking license through insuring with FDIC bank partners: Chime has been in operations since 2013 but it has got no banking license. This is one of the big reasons as to why Chimes is unable to offer loans, install own ATM machines for customers use and other traditional bank features. However, Chime accounts are insured up to deposits of $250,000 through partner banks Stride Bank and The Bancorp Bank who are members of FDIC. FDIC (The Federal Deposit Insurance Corporation) is an independent federal agency whose role is to prevent stampede in bank to withdraw money after customers perceive a threat of closure of bank. If a lot of customers flock to the bank to withdraw their money, the challenger bank will not be able to meet the demand and will ultimately collapse. Before FDIC, there was no safety what so ever on the deposits done.
The remaining section of “Legal” is available only in the 'Complete Report' on purchase.
Environmental
This section is available only in the 'Complete Report' on purchase.
Major Competitors :
- N26
- Varo
- Revolut
- Simple
- Goodmoney
On purchase the Chime SWOT and PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 1 hour might be caused.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
You may also be interested in other analyses of Chime:
-
Chime Porter's Five Forces Analysis |
|
-
-
Chime Value Chain Analysis |
|
-
Chime Covid-19 Impact Analysis |
|
-
-
Chime Segmentation, Targeting and Positioning (STP) Analysis |
|
-
Chime Ansoff Matrix Analysis |
|
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Company Overview Report
This report is shared in order to give you an idea of what the complete Company Overview Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Competitor Analysis Report
This report is shared in order to give you an idea of what the complete Competitor Analysis Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Porter's Five Forces Analysis Report
This report is shared in order to give you an idea of what the complete Porter's Five Forces Analysis Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
VRIO Analysis Report
This report is shared in order to give you an idea of what the complete VRIO Analysis Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Value Chain Analysis Report
This report is shared in order to give you an idea of what the complete Value Chain Analysis Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Regulatory Outlook Report
This report is shared in order to give you an idea of what the complete Regulatory Outlook Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Risk Analysis Report
This report is shared in order to give you an idea of what the complete Risk Analysis Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Key Performance Indicators (KPI's) Report
This report is shared in order to give you an idea of what the complete Key Performance Indicators (KPI's) Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Environmental, Social, and Governance (ESG) Analysis Report
This report is shared in order to give you an idea of what the complete Environmental, Social, and Governance (ESG) Analysis Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
M&A Analysis Report
This report is shared in order to give you an idea of what the complete M&A Report and Analysis Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Subsidiaries, Partnerships and Collaborations Report
This report is shared in order to give you an idea of what the complete Subsidiaries, Partnerships and Collaborations Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Stakeholder Analysis Report
This report is shared in order to give you an idea of what the complete Stakeholder Analysis Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Technology Landscape and Outlook Report
This report is shared in order to give you an idea of what the complete Technology Landscape and Outlook Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Covid-19 Impact Analysis Report
This report is shared in order to give you an idea of what the complete Covid-19 Impact Analysis Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Key News and Events Report
This report is shared in order to give you an idea of what the complete Key News and Events Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
BCG Analysis Report
This report is shared in order to give you an idea of what the complete BCG Analysis Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Digital Marketing and Social Media Strategy Analysis Report
This report is shared in order to give you an idea of what the complete Digital Marketing and Social Media Strategy Analysis Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Segmentation, Targeting and Positioning (STP) Analysis Report
This report is shared in order to give you an idea of what the complete Segmentation, Targeting and Positioning (STP) Analysis Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Request for Quotation
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Get The Free Sample
Ansoff Matrix Analysis Report
This report is shared in order to give you an idea of what the complete Ansoff Matrix Analysis Report will cover after purchase. We invest deep in order to bring you insightful research which can add tangible value to your business or academic goals, at such affordable pricing.
Get this report delivered straight into your email inbox for free.
You also agree to receive email updates from us on our new reports and solutions.
We do not share your information with anyone. However, we may send you emails on our new reports and solutions.
Check Out Analysis of Other Relevant Companies
References used in Chime SWOT & PESTLE Analysis Report
1. Chime is now worth $14.5 billion, surging past Robinhood as the most valuable U.S. consumer fintech - https://www.cnbc.com/2020/09/18/chime-is-now-worth-14point5-billion-surging-past-robinhood-as-the-most-valuable-us-consumer-fintech-.html#:~:text=like%20segment%20winners.-
2. Banking with No Monthly Fees and No Overdraft | Chime - https://www.chime.com/no-fees/
3. Are Chime Accounts FDIC insured? - https://chime.zendesk.com/hc/en-us/articles/224459628-Are-Chime-Accounts-FDIC-insured-
4. No Fee Overdraft Up to $200* with SpotMe - https://www.chime.com/spotme/
5. Digital Bank Chime Now Offering Stimulus Check Advance To 100,000 Users - https://www.forbes.com/sites/jeffkauflin/2020/04/09/digital-bank-chime-now-offering-stimulus-check-advance-to-100000-users/?sh=654dce621c10
The detailed complete set of references are available on request in the 'Complete report' on purchase.
How to Reference This Page?
You can use the following in your reference section in order to give credit to the source. For different referencing styles and detailed guidelines, please click here.
Chime SWOT and PESTLE Analysis - SWOT & PESTLE.COM
SWOT & PESTLE.com (2024). Chime SWOT and PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/chime/ [Accessed 19 Mar, 2024].
In-text: (SWOT & PESTLE.com, 2024)
Copyrights and Disclaimer
Chime SWOT and PESTLE Analysis has been conducted by Akshay Mohan and reviewed by senior analysts from Barakaat Consulting.
Copyright of Chime SWOT and PESTLE Analysis is the property of Barakaat Consulting. Please refer to the Terms and Conditions and Disclaimer for usage guidelines.