CNN BUSINESS | This startup is taking on big banks. And it’s working.

Chime CEO and co-founder Chris Britt.

New York (CNN Business) – The economic forces set off by the pandemic are crushing traditional banks. Yet Chime, a startup taking aim at big banks, is booming. And it doesn’t have a single bank branch.

Chime, which provides banking services via a smartphone app, has more than tripled its transaction volume and revenue in 2020. The company says it is signing up hundreds of thousands of new customers each month, and some of them are ditching big banks for Chime.

And while big banks such as Wells Fargo (WFC) and Bank of America (BAC) have lost tens of billions of dollars in market value during the pandemic, Chime’s price tag is going parabolic.
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