FinTech News
Neobank Chime Re-Ups Partnership with Dallas Mavericks
A popular neobanking app is renewing and expanding its partnership with one of the NBA’s top teams.
About the partnership:
After initially joining as a sponsor in 2020, Chime recently revealed that it was extending its strategic partnership with the NBA’s Dallas Mavericks. As a result, the team will continue to wear Chime patches on all four of their official jerseys. Additionally, the neobank will be advertised on signage throughout Dallas’s American Airlines Center and the Chime Lobby will continue to be available on the Terrace level.
With this partnership renewal, Chime also announced the introduction of Chime Lane. Not only is this a dedicated entrance for Chime members but will also provide them with other rewards such as free refreshments and giveaway opportunities. Chime Lane made its debut last week for the Mavericks’ home opener and will be available during subsequent games as well as other select events at the arena.
In context:
Chime isn’t the only FinTech to sponsor an NBA team’s jersey patch. Currently, the digital couponing app Ibotta sponsors the Denver Nuggets, cashback app Rakuten works with the Golden State Warriors, Credit Karma partners with the Hoston Rockets, “buy now, pay later” app Sezzle is featured on the Minnesota Timberwolves jerseys, and PayPal is a partner of the Phoenix Suns. Additionally, the stock trading app Robinhood sponsors the Memphis Grizzlies, Miami Heat, and the Washington Wizards. Meanwhile, earlier this year, SoFi was named the Official Banking Partner of the NBA.
What they’re saying:
Commenting on the extension, Chime co-founder and CEO Chris Britt said, “We are delighted to continue our sponsorship with the Mavs. The organization continues to epitomize our values of inclusivity and teamwork and shares an unparalleled commitment to the fans. We are excited to offer our Chime members in the Dallas-area and those visiting American Airlines Center a great experience and unique benefits, including the new Chime Lane.”
My thoughts:
It’s fascinating to me how many FinTechs have now become NBA sponsors (including Robinhood currently sponsoring not one, not two, but three teams). I also find it a bit funny that Chime is able to partner with a specific team when a rival like SoFi sponsors the entire league. Surely conflicts like this arise in many other organizations — but, since I know FinTech, this one jumps out to me.
Even though I’m not a Chime user and haven’t been to a Mavs game (although I have been to the American Airlines Center for a different event), this sounds like a pretty cool partnership for customers. I’d love to know more about how the freebies work, but having a dedicated entrance is already a pretty huge perk in my book. On that note, Chime does offer a free account option, so Mavericks fans might want to open one just to take advantage of the new Chime Lane.
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