Chime Gives Users Paychecks Early. It Wants Their Savings, Too (3)

In Silicon Valley, entrepreneurs and venture capitalists are making big bets that the future of banking is digital, doesn’t have fees, offers a high savings rate—and might not technically be a bank at all.

Chime Inc. is part of a fast-growing class of well-funded financial technology startups offering debit cards, checking accounts and other financial services. And despite not having a banking license, Chime operates enough like a regular bank that Chief Executive Offer Chris Britt, 46, says it’s stealing away customers from companies like Wells Fargo & Co. and JPMorgan Chase & Co. by the millions.

Today, Chime has ...