Figuring Out • 5m
How Chime Became America’s Biggest Neobank! So Back in 2012, Chris Britt and Ryan King realized that people were living paycheck to paycheck while banks were making billions from overdraft fees, monthly charges, and intrests. Thus, they decided to build a bank with zero fees, and that’s how Chime was born! Unlike traditional banks, Chime didn’t have physical branches. Instead, it operated as an online-only bank that partnered with existing banks to offer fee-free banking services such as checking and saving account. With this thought, they launched their first product, a prepaid card in 2014, and the next year, a service to borrow salary two days early. Finally in 2016, they added savings and checking accounts with no fees. And from then on, they just kept growing! Tho Chime faced various regulatory issues, it still managed to overcome all the hurdles and kept expanding. Today, it has over 22 million active users, generates $1.3 billion in revenue, and is a $25 billion startup.
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Dexter Capital Advisors • 1y
Imagine a bank hiring 500 people, and laying off way more than that next year 📛📛 It’s very very uncommon. And yet here we are! .. What has happened? -> YES BANK has laid off about 500 people with a three-month severance pay, and more layoffs mi
See MoreTrying to do better • 1m
Exploring Negative Interest Rate Policy (NIRP) Have you ever wondered about central banks setting interest rates below zero? This is known as Negative Interest Rate Policy (NIRP). Here's a quick look at this unconventional monetary tool: ✍️ What is i
See MoreJust go with the flo... • 4m
I am just wondering how the bank will adopt the advanced Ai technology as it is a sensitive thing but as the world is moving at such a fast pace will it work if the banks remain the same and if ai is used we need to train the ai so each and every inf
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Dexter Capital Advisors • 1y
Paytm shareholders are ignoring this? 📛📛 The fintech giant was the only UPI app to be making money on UPI. And now that’s no more possible. Here's all you should know! .. The thing is, NPCI (via Govt grants) compensates the banks to up keep the
See MoreBuilding Snippetz la... • 4m
We think of banks as places that store our money and keep it safe. But that’s not really what’s going on. When a bank gives out a loan, they don’t get poorer. They simply type new money into your bank account. It’s brand-new money that never exis
See MoreThe Way I See It • 8m
TransferWise: Revolutionizing Global Money Transfers In 2011, Estonian friends Taavet Hinrikus and Kristo Käärmann faced a common frustration: high fees and poor exchange rates every time they transferred money internationally. Taavet, earning in eu
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