Chime, the digital bank, now boasts a valuation of $5.8 billion, after raising $500 million in a fresh round of fundraising.
Among the leaders in this new crop of mobile and digital-only banks, Chime had a valuation of $1.5 billion back in March when it raised $200 million in funding.
The jump in its valuation since then underscores interest investors have in fintechs challenging the status quo. Robinhood, a mobile trading app with more than 10 million customers had a valuation of $7.6 billion as of July.
“Its a combination of things,” said Chris Britt, CEO of Chime Bank of the fundraising round. “The opportunity to improve the way banking works in America is huge. Combine that with the fact that we created a suite of products that is really resonating with a large segment of America.”