Chime tops the list of most popular US challenger banks

Chime, a digital bank, has held onto the top spot for highest app downloads in 2021 with a 5% increase from 2020 to 8.6m. Chime’s latest $750m series G funding round in August 2021 took their valuation to $25bn. Two-thirds of Chime’s consumers consider it their primary banking account which makes Chime nearly the 5th largest bank in the US by number of customers. Notably Varo, a digital bank, saw huge growth last year with 499% increase from 2020 to 3.42m app downloads. Varo raised $510m in their latest series E funding round taking their valuation to $2.5bn in September 2021. Varo became the first neobank to be granted a national bank charter in 2020 which allows it to provide new products to customers. Overall, the number of digital-only bank account holders in the US is projected to reach 47m by 2024 and the race for customers will only heat up in the coming years.

The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2021 FinTech Global

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