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The Dallas Mavericks have a new jersey sponsor. Chime, the leader in U.S. challenger banking, and the Mavericks announced a multi-year partnership on Friday. As part of the partnership, Chime’s logo will appear on the front-left shoulder strap on each of the team’s jerseys.
“We’re thrilled to announce our partnership with the Mavs, one of the most exciting teams in the NBA,” Chris Britt, Chime CEO and co-founder, said in a statement. “At Chime, we focus on helping our members achieve financial peace of mind with banking services that are simple and free. One of our core values is to always be member obsessed and we’re proud to partner with an organization that is similarly committed to its fans and community.”
Founded in 2013 by Britt and Ryan King, Chime is a digital-only bank that provides its services through a website and mobile app, which is available on both Android and iOS. As a challenger bank, Chime competes directly with the longer-established banks. It does not charge monthly or overdraft fees to its customers. Account-holders are issued Visa debit cards and have access to a checking account with no minimum balance requirements and an automated savings feature. Chime has some 6.5 million accounts.
As of March 2019, the company had a valuation of $1.5 billion. By year’s end, Chime’s valuation quadrupled after it raised $500 million in its most recent round of venture fundraising. To date, the company has raised $808.8 million and is now valued at $5.8 billion. It had close to $200 million in estimated earnings in 2019. Chime is also looking to expand into credit cards and investment services in order to maintain its leadership position among challenger banks.
“The experience that Chime has developed for their members is truly setting the standard in financial services, similar to what we strive to provide to MFFLs (Mavs Fans For Life) more than 41 nights a year at American Airlines Center,” Dallas Mavericks Owner Mark Cuban said.
The Mavericks previously teamed up with the Dallas-based mobile e-commerce app 5miles as their jersey sponsor. That partnership began during the 2017-18 season, with 5miles becoming the official jersey patch sponsor in March 2018. The two sides mutually agreed to end their three-year arrangement in August 2019, one year before it was set to conclude.
Although Dallas is home to a number of global corporations, the Mavericks chose to look elsewhere. Choosing Chime as its jersey sponsor, just as it did when it partnered with 5miles, furthers the team’s commitment to be on the cutting edge of digital technology. What’s more, Chime also as the seal of approval of the Mavericks’ CEO for fostering workplace standards that the Mavericks now readily advocate.
“We also share the same goal of nurturing an extraordinary workplace culture,” Cynt Marshall, CEO of the Dallas Mavericks, said. “It’s clear in spending time with the employees of Chime that every voice matters and everybody belongs, just like at the Mavs.”
