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 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.