Fintech Charlie, the “Standard” for 62+ Banking Services, Raises $23M Series A Led by TTV Capital

Charlie, the new “standard” for 62+ banking services, announced it has raised a $23M Series A with TTV Capital serving as the lead investor.

FPV also participated in the investment round “as well as other seed investors including Better Tomorrow Ventures.”

The capital is a combination of $16M equity and $7M debt. This funding round “comes just six months after the company’s launch in May 2023.”

Since its launch, the company has “acquired customers in all 50 states.” Charlie will use the new funds “to accelerate company growth and launch industry-first financial fraud protections specifically designed for the unique needs of older Americans.”

With over $28 billion stolen from older Americans every year, Charlie’s anti-fraud tools “will be a game-changer in the fight against financial fraud.”

Charlie helps retirees and soon-to-be-retirees “make the most of their limited resources with features including faster access to their Social Security check, competitive 3% earnings on deposits and no monthly fees or minimums, as well as US-based customer service, and a simple, transparent digital experience designed with accessibility at the forefront.”

With this new funding, Charlie is investing in three key areas of growth:

  • Anti-Fraud: Charlie will soon roll out a suite of personalized fraud protections designed specifically for the 62+ population. Using their habits, patterns, and preferences, Charlie’s anti-fraud tools will be a game-changer in the fight against financial fraud.
  • Company Growth: Charlie is building a team of tech and financial services talent to serve the 62+ community. This funding allows the company to hire and train new talent.

Over 50% of the 73 million seniors in the United States do “not feel prepared financially for retirement, but few banking solutions are designed for their unique needs. Up until the moment someone retires, they are accumulating assets.”

However, when they retire, they “go into deaccumulation mode, having to make the most of the limited resources they have, such as a small pile of savings, their Social Security check, and their home. Around 52% of seniors do not feel prepared for the asset deaccumulation challenge ahead of them. Nearly all financial services products are designed for those working full-time and generating income. And unfortunately, most features built for 62+ Americans come with high fees or unexpected expenses.”

Already, their online banking adoption “is nearly the same as younger groups. With high cost of living and lack of cash flow being two of the top three concerns of retirees and soon-to-be retirees, along with their rapid adoption of technology, this population is in need of a new type of banking solution.”

Charlie is offering something different: financial services “designed for the unique needs of the 62+ community.”

Charlie launched in May 2023 and previously “raised $7.5 million in seed funding from investors including Better Tomorrow Ventures, Expa, Ayokunle Omojola, and Gokul Rajaram.”

Banking provided by Sutton Bank; Member FDIC.

Register Now!
Sponsored Links by DQ Promote



Send this to a friend