The public subscription ring hopes to increase growth by paying higher interest rates

Because he is preparing Go publiclyEverything goes on the new features in an attempt to attract more customers.

The digital bank provides customers who approve their salaries directly in providing savings or checking an APY account by 3.75 %, as it tells Techcrunch exclusively. For those who do not choose to direct the deposit, the 2 % interest rate for standard users is still able to compete.

In comparison, the national savings account return is 0.61 % APY, according to Bankate’s Wiping institutions As of March 24 week.

Although the director of the escalating products, Madhu Muthukumar, did not say it directly, this step appears at least one aims to attract more sticks among customers. As of last summer, Chime had 7 million customers and $ 1.5 billion of annual revenue, according to a report before Forbes. The company refused to provide updated numbers.

In December, Harmonious I presented secret papers For the public with the American Securities and Stock Exchange Committee. Its last value was worth $ 25 billion when Billion dollars collected At the peak of the evaluation madness of 2021, raised $ 2.65 billion, and Pitchbook estimates. Among its investors are Yereunner Ventures, Menlo Ventures, Croslink Capital, Sequoia, SoftBank, Tiger Global and many others.

The company also refused to comment on the timing of the possible public offering.

Distinguished membership required

To be qualified to get 3.7 % of APY, Chime customers must agree to become members of Chime+, a distinct organic layer that requires the agreement to deposit their salaries. There are no fees to join as a distinguished member.

It was founded in 2012, marketing it bets itself as an alternative to the bank for ordinary Americans. He describes that he does not charge the open drawing fees, maintenance, or low balance fees, or requires minimal account.

“These are the people you will find in your community, whether they are making coffee in your local store, teaching your children, offering a package, or helping you to find something in the large retailer,” said Metkumar. This is your neighbor. “

He said to Techcrunch, where TECHRUNCH gives the female client, with members in the age group in the thirties of the last century, instead of “supernatural people” and “working with wages.”

In 2020, it harmoniously I started providing a credit card The claim helps users to build and improve their credit by setting the purchase limits based on the account balance and more such as the discount card. Now, the members are no longer to direct the CHIME to apply for and use CHIME credit card.

Other features announced by Chime on Monday include a redesigned application, an expanded set of “deals” or discounts specifically for harmony users, money recovery offers, and “allocated” customer support. On March 21, I also announced new “Instant loans” product.

Financial technology companies continue to be in an attempt to attract customers. Last week, Robinhood announced that it would start Providing wealth management and private banking services For retail investors, you tell that such services “are no longer reserved for the wealthy.” As part of this new offer, Robinhood says it will save 4 % of APY on savings as well as real estate planning and taxes, among other things. Uniquely, it will also provide cash delivery to the user doorstep.