US-based online-only digital bank Chime has extended its private-label banking services deal with The Bancorp Bank.
Under the terms of the renewed agreement, The Bancorp will remain a key banking partner of Chime.
It will continue to be responsible for enabling Chime’s spending and savings accounts, debit card and the ancillary banking services.
The Bancorp head of payments partnerships Ryan Harris said: “The Bancorp and Chime have been partners since the very beginning, and we are thrilled to be able to reaffirm our collective commitment to deliver innovative products and services to Chime members.
“We look forward to our continued collaborative innovation, while also meeting the needs of Chime members for years to come.”
Chime CEO and co-founder Chris Britt said: “The Bancorp has been a critical partner to Chime since the early days.
“I look forward to our extended partnership as we continue to innovate and offer free, easy-to-use banking products that help Chime members achieve financial peace of mind.”
Chime mainly targets consumers unsatisfied with conventional banking services. It offers checking and savings accounts services along with a no-fee debit card to the customers.
Chime reportedly raised $500m in Series E round in December last year. The funding round raised the company’s valuation to $5.8bn.
Earlier this month, US-based digital personal finance company SoFi selected The Bancorp as its back-end banking service provider.