Chime leapfrogs Robinhood as most valuable U.S. fintech startup on latest funding

Sept 18 (Reuters) - Chime has raised $485 million in a new funding round that values the digital-only banking firm at $14.5 billion, a company spokeswoman said on Friday.

At its latest valuation, Chime has now overtaken Robinhood as the most valuable U.S. fintech startup.

Investors including Coatue, ICONIQ, Tiger Global, Whale Rock Capital, General Atlantic, Access Technology Ventures, Dragoneer and DST Global participated in the funding round.

Chime is among a number of digital-only banking providers that have sprung up in the U.S. and globally in recent years, as an increasing number of smartphone users switch to online transactions and digital banking services.

The COVID-19 pandemic is accelerating their growth as more customers look to use banking services without stepping into branches.

CNBC first reported news of the funding round earlier on Friday.

Reporting by C Nivedita in Bengaluru; Editing by Krishna Chandra Eluri