Chime Surpasses 4 Million Customers as Competitors Look with Wary Eye

Chime CEO Chris Britt said the digital bank has surpassed 4 million customers, up from 1 million at this time a year ago; Chime competitor Varo Money doesn’t think those numbers hold a lot of weight; “Be wary of anyone promising to scale mobile banking like a SaaS model,” Varo wrote in an email to American Banker. “Managing your money is a lot more complicated than simply downloading an app.”; both companies are using different methods to grow their business, Chime has a partnership with The Bancorp Bank and Varo is pursuing a banking charter; the U.S. market is set to get a lot more crowded in the coming years with European digital banks N26, Starling Bank, Revolut and more recently Monzo all seeking to launch in the U.S. soon. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.