Charlie secures $23m to redefine banking for those aged 62 and over


Charlie, a player in banking services catering exclusively to individuals aged 62 and above, has recently announced a successful funding round.

The FinTech firm secured a significant $23m in its Series A funding. Taking the lead in this investment was TTV Capital, with notable contributions also coming from FPV. Other seed investors, including Better Tomorrow Ventures, were active participants. It’s noteworthy to mention that the capital is a mix of $16m in equity and $7m in debt.

Delving deeper into Charlie’s operations, it serves retirees and those on the cusp of retirement. The firm’s suite of features empowers these individuals to optimise their limited resources. This includes faster access to Social Security checks, a tempting 3% earning on deposits with no underlying monthly fees or minimums, and US-based customer support. Furthermore, Charlie champions a user-friendly digital interface, highlighting transparency and accessibility.

The recent influx of funds will be channelled towards propelling company growth. A significant portion is earmarked for the development and roll-out of financial fraud protections. These anti-fraud tools, designed with the distinct needs of older Americans in mind, come at a crucial time, considering the alarming $28bn pilfered from them annually.

It’s undeniable that older Americans face financial challenges unique to their age group. Most financial products on the market target those in full-time employment, neglecting the needs of those in their twilight years. Adding to the gravity of the situation, a substantial 52% of seniors feel unprepared for the impending phase of asset deaccumulation. The gap between the services available and the actual needs of the elderly is sizeable, and Charlie aims to bridge this.

Charlie CEO Kevin Nazemi shared his thoughts, saying, “Charlie is on a mission to fundamentally transform financial services for the 62+ community and with this new funding, we are able to take great strides in doing just that. Everything we do at Charlie is designed to meaningfully address the unique challenges retirees and soon-to-be-retirees face financially and help them make the most of their limited resources to enjoy life. That’s why we’ll soon be rolling out industry-first, game-changing anti-fraud tools designed specifically for this population and their unique needs. I thank our outstanding investors for believing in Charlie’s vision and look forward to continuing to provide the 62+ community the peace of mind they deserve.”

Additionally, Gardiner Garrard, Co-Founder and Managing Partner of TTV Capital, opined, “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. Charlie has generated impressive customer traction just six months post-launch, and that’s a testament to what the team has created. We’re energised by their vision and are proud to invest in their future.”

An intriguing aspect of Charlie’s journey is its rapid expansion since its May 2023 launch, acquiring customers across all 50 states in a mere six months.

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