Charlie, a Los Angeles, CA-based banking services company for 62+ community, raised $23M in Series A funding.
The round – a combination of $16M equity and $7M debt – was led by TTV Capital. FPV also participated in the round as well as other seed investors including Better Tomorrow Ventures.
The company intends to use the funds to:
- roll out a suite of personalized fraud protections designed specifically for the 62+ population using their habits, patterns, and preferences;
- build a team of tech and financial services talent; and
- continue to develop new products and features designed for the 62+ community.
Led by CEO Kevin Nazemi, Charlie offers financial services designed for the unique needs of the 62+ community to help retirees and soon-to-be-retirees make the most of their limited resources with features including faster access to their Social Security check, 3% earnings on deposits and no monthly fees or minimums, as well as US-based customer service, and a transparent digital experience designed with accessibility at the forefront.
Currently, the following services are available with a major anti-fraud rollout coming soon:
- Social Security: Charlie allows its customers to access their Social Security benefit 3-5 days early, with no fees and no strings attached.
- United States-based customer service.
- Fraud prevention.
- 3% Earnings on Deposits: Charlie offers customers 3% earnings on average balances, well above the national average, and will always maintain a competitive earnings rate.
- All deposits are insured up to $250K by our partner bank, Sutton Bank, Member FDIC.
- A network of 55,000 ATMs, including major retailers like CVS and Walgreens.
- No monthly fees and no minimums.
- Charlie available on iPhone, Android, and desktop.
The company launched in May 2023 and previously raised $7.5m in seed funding from investors including Better Tomorrow Ventures, Expa, Ayokunle Omojola, and Gokul Rajaram.
Charlie is not a bank, banking services provided by Sutton Bank; Member FDIC.
FinSMEs
31/10/2023