StartEngine, a leading securities crowdfunding platform, is now offering investors to purchase securities in Chime – a very popular neobank.
Chime claims to be the “most loved banking App.” While not a digital bank, Chime is a neobank that provides a broad range of services by partnering with a federally chartered bank. Chime launched in 2014 with the basics – checking and savings accounts that carry no monthly fees nor monthly minimum balance requirements. From there, Chime has added a plethora of Fintech services like early pay, a peer-to-peer tool for sending and receiving money, and fee-free overdraft charges. Fee-free ATMs are included, as well as an in-app tax filing program.
In 2023, Chime booked about $3.16 billion in revenue from over 20 million users.
As for the securities offering, StartEngine is offering private shares in Chime in a 506c offering. The offering is through StartEngine Primary, LLC, held and the securities held in “Series Chime” and not directly. The shares are purchased at $45 each, and have a minimum of $9900 with a funding target of $149,985. The hope is that at some point Chime will pursue a public offering which may deliver upside for early investors.
As this is a Reg D offering, only accredited investors may particpate.
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