Chime Sees Boost Due to Wells Fargo Outage

Digital banking startup Chime saw a big boost last week after Wells Fargo reported an outage where customers could not access accounts; the challenger bank saw more than 10,000 new accounts in a 24 hour period during the outage; the company did not specifically say Wells Fargo was the cause but they heard from customers on social media that they were fed up with traditional banks; Chime is also close to closing a $300mn round at a $1.5bn valuation. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.