Retiree-focused neobank, Charlie, secures new funds to combat financial fraud
Charlie, a neobank focused on the 62-plus demographic, has recently closed a successful $23 million Series A funding round. The funding, consisting of $16 million in equity and $7 million in debt, was led by TTV Capital, FPV, Better Tomorrow Ventures, and other seed investors.
This funding will be used to launch products addressing the more than $28 billion stolen from older Americans each year, as well as the development of a set of anti-fraud tools designed specifically for the 62+ population.
One of the unique offerings of Charlie is the up-to-four-weeks-early Social Security benefit. Customers who signed up before September 1 continue to have access to this benefit, while those who signed up after this date can withdraw their Social Security benefit three-to-five days early. However, due to high demand, Charlie has reached capacity for the up-to-four-weeks-early Social Security benefit.
Charlie's banking services are provided by Attica, Ohio-based Sutton Bank. Account holders receive a 3% annual percentage yield on average balances and have access to a network of 55,000 ATMs, including CVS and Walgreens.
The fintech venture capital funding has decreased globally by 49% year over year to $23 billion in the first half of 2023, according to S&P Global Market Intelligence. Despite this trend, Charlie has secured funding less than six months after its public launch in May.
Gardiner Garrard, co-founder and managing partner of TTV Capital, expressed enthusiasm about Charlie's vision and future, saying, "We are excited to support Charlie in its mission to transform financial services for the 62+ demographic."
Charlie, with users in all 50 states, has declined to share the number of customers acquired since its launch. However, the neobank is on a mission to make a significant impact in the lives of older Americans and is well on its way to achieving that goal.
Read also:
- Nightly sweat episodes linked to GERD: Crucial insights explained
- Antitussives: List of Examples, Functions, Adverse Reactions, and Additional Details
- Asthma Diagnosis: Exploring FeNO Tests and Related Treatments
- Unfortunate Financial Disarray for a Family from California After an Expensive Emergency Room Visit with Their Burned Infant
