The Bancorp Extends BaaS Relationship With Chime
The Bancorp Bank announced the extension of its long-standing relationship with Chime, one of the largest US neobanks, in February 2020. Under the continued partnership, The Bancorp provides BaaS infrastructure supporting Chime's spending accounts, savings accounts, and debit card services. The extension came alongside The Bancorp's new partnership with SoFi, highlighting the bank's growing portfolio of high-profile fintech clients.
The Bancorp's payments sponsorship platform is recognized by The Nilson Report as a leading issuer of private-label debit and prepaid cards. Specific financial terms and the duration of the extension were not disclosed. The deal underscores The Bancorp's strategic focus on serving as a BaaS backbone for consumer-facing fintechs at scale.
Chime's rapid growth as a neobank makes this relationship renewal significant for The Bancorp's revenue and market position.
- Confirms The Bancorp's dominance as a BaaS sponsor bank for top-tier US neobanks
- Chime's continued reliance on a third-party sponsor bank signals the neobank was not yet pursuing its own charter at this stage