Chime has raised $485 million in a new funding round that values the digital-only banking firm at $14.5 billion, a company spokeswoman said on Friday.

At its latest valuation, Chime has now overtaken Robinhood as the most valuable U.S. fintech startup.

Investors including Coatue, ICONIQ, Tiger Global, Whale Rock Capital, General Atlantic, Access Technology Ventures, Dragoneer and DST Global participated in the funding round.

Chime is among a number of digital-only banking providers that have sprung up in the U.S. and globally in recent years, as an increasing number of smartphone users switch to online transactions and digital banking services.

The COVID-19 pandemic is accelerating their growth as more customers look to use banking services without stepping into branches.

San Francisco, California-based Chime does not have a bank license but accounts are protected by the Federal Deposit Insurance Corporation through a partnership with The Bancorp Bank.

Chime's transaction volume and revenue grew more than three times in 2020, the company said.

Its valuation has jumped nearly 900% since March 2019, when it had raised https://www.reuters.com/article/us-chime-fundraising/digital-banking-startup-chime-valued-at-1-5-billion-in-new-200-million-round-idUSKCN1QM1PE about $200 million at a valuation of $1.5 billion.

Robinhood had raised $200 million in August from investment firm D1 Capital Partners at a valuation of $11.2 billion.

CNBC first reported the news of the funding round earlier on Friday.