The 2010s saw the rise of neobanks, also known as digital banks or challenger banks, in the United States. Neobanks offer various financial services from checking and savings accounts to loans and debit cards. Neobanks often have lower fees and minimum balance requirements than traditional banks, making them more accessible to more people, especially lower income Americans that are unbanked or underbanked. Moreover, neobanks typically aim to make banking simple and convenient for customers with easy-to-use apps.
Chime is a neobank that provides consumer banking services through its mobile app. It started as a mobile banking app that offered no-fee bank accounts, debit cards, and a way to get paychecks two days in advance. It has since added several other offerings to become a comprehensive banking product suite for its younger, millennial audience.
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