Nov 6, 2023

Charlie – a new standard for over 62 banking services – recently announced it has raised a $23 million Series A with TTV Capital serving as the lead investor. FPV also participated in the round and other seed investors, including Better Tomorrow Ventures. The funding is a combination of $16 million equity and $7 million debt. This funding round comes six months after the company launched in May 2023. Since launching, the company has acquired customers in all 50 states. Charlie plans to use the new funding round to accelerate company growth and launch industry-first financial fraud protections specifically designed for the unique needs of older Americans. And with over $28 billion stolen from older Americans yearly, Charlie’s anti-fraud tools will be a game-changer in the fight against financial fraud. The company helps retirees and soon-to-be-retirees make the most of their limited resources with features including faster access to their Social Security check, competitive 3% earnings on deposits and no monthly fees or minimums, and US-based customer service, and a simple, transparent digital experience designed with accessibility at the forefront. With the new funding round, Charlie is investing in three key areas of growth: — Anti-Fraud – Charlie will soon roll out a suite of personalized fraud protections designed specifically for the 62+ population. Using their habits, patterns, and preferences, Charlie’s anti-fraud tools will be a game-changer in the fight against financial fraud. — Company Growth – Charlie is building a world-class team of tech and financial services talent to serve the 62+ community. This funding allows the company to hire and train new talent. — Tech & Product Development – Charlie continues to develop new products and features designed for the 62+ community. More than 50% of the 73 million seniors in the United States do not feel prepared financially for retirement, but few banking solutions are designed for their unique needs. And up until the moment someone retires, they are accumulating assets. But when they retire, they go into deaccumulation mode, having to make the most of the limited resources they have, such as a small pile of savings, their Social Security check, and their home. About 52% of seniors do not feel prepared for the asset deaccumulation challenge ahead of them. Nearly all financial services products are designed for those working full-time and generating income. Unfortunately, most features created for 62+ Americans come with high fees or unexpected expenses. The pandemic also accelerated tech adoption amongst older adults, with 44% saying they view tech more positively than pre-pandemic. And their online banking adoption is nearly the same as younger groups. With high cost of living and lack of cash flow being two of the top three concerns of retirees and soon-to-be retirees – along with their rapid adoption of technology – this population needs a new banking solution. Charlie is providing something different: financial services designed for the unique needs of the 62+ community. The following services are currently 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 or strings attached. — US-based customer service – Charlie believes the online banking experience doesn’t have to be challenging and can feel as personal as being in a physical branch. As such, Charlie provides stress-free, U.S.-based customer service to all customers. — Fraud prevention – Charlie maintains dynamic transaction monitoring, partners with best-in-class compliance and security providers, and allows customers to easily freeze and unfreeze their cards if they have any concerns about the activity. — 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 $250,000 by 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. — The account goes wherever you are, with Charlie available on iPhone, Android, and desktop. Charlie was co-founded by Kevin Nazemi (who serves as CEO). And a veteran of the technology and healthcare sectors, Nazemi previously co-founded two companies in the healthcare technology space—Oscar Health and Renew Health, a technology-driven health platform focused on retirees. Through both personal and professional experience, Nazemi gained an intimate understanding of the challenges retirees and soon-to-be-retirees face, with companies, products, and services not designed for their needs and even simple things like product design and customer service not optimized for the 62+ community. Along with two of his closest friends and two industry veterans, Nazemi started consider how they could tackle the challenges this group faces financially, ultimately founding Charlie in 2021. Charlie launched in May 2023 and previously raised $7.5 million in seed funding from investors including Better Tomorrow Ventures, Expa, Ayokunle Omojola, and Gokul Rajaram. KEY QUOTES: “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.” — Kevin Nazemi, co-founder and CEO of Charlie “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 optimize 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 energized by their vision and are proud to invest in their future.” — Gardiner Garrard, Co-Founder and Managing Partner of TTV Capital Sponsors