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October 17, 2019 06:53 pm

Hot Online Bank Startup Leaves Customers Without Access to Their Cash

Chime, an online banking startup with more than 5 million customers, has been suffering an outage for much of past 24 hours that has left customers without access to their money. From a report: The startup blamed the disruption on an unspecified issue with a payments processor and said data was not at risk. The downtime comes as the digital bank has been growing quickly -- the number of customers has almost doubled since March, to about 5 million. Chime is also in the process of raising a new funding round that could value it at more than $5 billion. [...] San Francisco-based Chime is part of a growing digital banking sector that has seen rising interest from customers and global investors in recent years. Chime's target market, according to the company, is a younger demographic whose income ranges from $35,000 to $70,000 a year and who are frustrated by the fees charged by larger brick and mortar banks. It's a group that may be more likely to trust a startup with their money.

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