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Less than six month after plunge to the public and announcing a $ 7.5 million seeded player raise , a startup providing banking servicesto Americans over the long time of 62 has raised additional funding .
The days of closing two cap evoke in a matter of months are mostly long gone , so it naturally caught our care when Charlie gain out to share that it has secured $ 16 million in Series A funding and $ 7 million in debt financing . TTV Capital lead the latest round , which also include participation from FPV Ventures and existing backer Better Tomorrow Ventures , among others .
Kevin Nazemi , co - laminitis and CEO of Charlie , foundedCharliein tardy 2021 with the mission of “ transmute ” financial services for the 62 + community .
Since its launch in May , Charlie has acquired several thousand customers in all 50 states , Nazemi pronounce .
“ Whenever you launch a fresh company , it ’s heart - wracking , ” he told TechCrunch . “ There was a collective suspiration of relief when we take in so many client signing up and we knew our approach shot … was resonating . ”
Features include faster access to their Social Security checks , 3 % lucre on balances and no monthly fees or minimums . The company say users will one daylight also be able to get “ frictionless , embarrassment free discounts ” just by using their debit cards , according to Nazemi , so they do n’t have to do things like show an AARP card or their ID to prove they are seniors . Like many fintechs , Charlie is not a bank — its banking pardner is Sutton Bank , which insuresall bank up to $ 250,000 .
“ Over 50 % of the 73 million senior in the United States do not find inclined financially for retirement , and for too long , their unique fiscal needs have been neglected , ” he articulate . “ Charlie is design to meaningfully address the many challenge this community of interests faces , such as rearing financial pseudo , shift from accumulating asset to deaccumulation and a want of transparency , dominance , and trust with most financial service products they come across . ”
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One of the thing Charlie is designed to address is the fact that until a soul pull away , they are accumulating asset . But once they retreat , they go into “ de - accumulation style . ” That can be shuddery and intriguing . To help older adult align , Charlie say allcustomers who signed up after September 1can withdraw their Social Security welfare 3 - 5 days early ( those who sign up before can crawfish it 4 weeks early ) .
The caller makes money through reciprocation fee ; when a customer spends money with their Charlie Visa debit entry card , Visa pays Charlie a percentage of what they earn from the merchandiser .
“ This is our primary source of taxation and enables us to provide customers with no monthly fees and liberal approach to over 55,000 automated teller machine , ” Nazemi say . “ Other third parties involved in transactions may charge fees out of doors of Charlie ’s ascendancy , which will likely be let out at the time of the transaction . ”
Charlie design to use the Modern cap toward rolling out a suite of personalized fraud protections design specifically for its fair game client , adding to its 15 - person team and developing newfangled products and feature article .
Gardiner Garrard , co - laminitis and managing partner of TTV Capital , told TechCrunch via email that the COVID - pandemic led to more people — include those cured 62 and erstwhile — becoming more comfortable with digital banking . This , he said , make “ a massive opportunity for financial institutions to more flat engage with this demographic . ”
“ But until recently , the products and services that retirees need were often hard to discover online , and the exploiter experience was not intuitive , ” Garrard say . “ The other feedback that Charlie has received is very supporting , and their offering are meeting an acute market need . ”
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