Chime is pleased to announce that Madhu Muthukumar has joined the company as our first Chief Product Officer (CPO).
This appointment furthers Chime’s commitment “to creating the next wave of innovative products and services critical to their members’ needs and their long-term success as we continue to scale.”
Madhu brings over “a decade of experience driving innovative product development at consumer, fintech and B2B software companies, where he harnessed the power of emerging technology to launch products and experiences that hundreds of millions of people love worldwide.”
As their first CPO, Madhu will work “to advance Chime’s competitive position and build upon their mission to provide everyday banking and payment services that are helpful, easy and free.”
Together with the product management, design and user research teams, he will build on Chime’s existing product momentum and push their company “into the next chapter of their product roadmap to launch even more innovative offerings that align with members’ needs and disrupt legacy financial services for the benefit of all.”
Ryan King, Chime Co-founder, said:
“I’m thrilled to welcome Madhu Muthukumar to our team as Chime’s first CPO. With a wide breadth of exposure to different industries and user bases, Madhu understands what it takes to build member-focused products. I’m incredibly excited to work with him to continue to address our members’ biggest pain points through innovative solutions.”
Madhu joins Chime following his role “as CPO at Notion, where he oversaw product management, product design, research and product partnerships.”
Previously, he led product management teams “at Robinhood, Oculus VR and Twitter, where he launched countless consumer products, including software for Quest, Rift, Go and GearVR, and Twitter experiences like Moments, Trends, Event Timelines and geo-tagging.”
Prior to that, Madhu worked “in consulting and has a law degree from the University of Pennsylvania.”
Madhu Muthukumar said:
“I am excited to join the Chime team and build products that help everyday Americans achieve financial peace of mind – including the 70% of people in the U.S. living paycheck to paycheck. The team at Chime has led the way in imagining and building a financial future that profits with people, not from them, and I’m eager to join them in making a real, meaningful change for our members and the industry at large.”
As covered, Chime is “a financial technology company founded on the premise that basic banking services should be helpful, easy, and free.”
Chime aims to profit “with consumers not from them and has a business model that doesn’t rely on consumer fees such as overdraft, monthly service, or minimum balance fees.”
As clarified in the update, Chime is a consumer fintech company and “not a bank so we should not be referred to as ‘Chime Bank.”
Chime partners “with The Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC, that power the bank accounts used by Chime Members.”