US fintech for older Americans, Charlie, secures $23m Series A
Charlie, a new banking app in the US catering to the 62+ community, has landed $23 million in a Series A funding round led by TTV Capital.
Charlie raises $23m in Series A funding round
The funding, which includes $16 million in equity and $7 million in debt, also saw participation from FPV and other seed investors including Better Tomorrow Ventures.
Launched just six months ago, Charlie helps the retired and soon-to-retire manage their finances, with features including allowing customers to withdraw their social security checks up to three to five days in advance, 3% earning on deposits with no minimums and fees, and banking services provided by Sutton Bank.
Since launch, the start-up claims to have acquired customers in all 50 states across the US, with plans to roll out “industry-first” fraud protections designed for the elderly.
With the new funding, Charlie plans to accelerate its growth by hiring new talent, develop new products and features for its target community, and roll out its anti-fraud tools, which leverage users’ habits, patterns and preferences, to protect them from fraud.
Gardiner Garrard, co-founder and managing partner of TTV Capital, says: “Older Americans have unique financial needs that have been underserved for far too long. The team at Charlie is building a fintech solution for the millions of people who need to better optimise their finances during these later stages of their lives.”
