New banking app Charlie aims to cater to retirees in the US
Charlie is a new banking app for the 62+ community in the US, with the aim of helping retirees and soon-to-be-retirees manage their finances.
The start-up, which was founded in 2021 and launched nationwide last month, has raised a total of $7.5 million from investors including Better Tomorrow Ventures, Expa, Ayokunle Omojola, and Gokul Rajaram.
It offers banking services tailored for the over-62 community through mobile app and desktop, with features including: allowing customers to withdraw their social security up to four weeks early with no fees and no strings attached; US-based customer service; transaction monitoring and fraud prevention; 3% earnings on average balances; banking services provided by Sutton Bank, an FDIC member insured up to $250,000; and no monthly fees or minimums.
The company plans on adding more features in the coming months.
“In the United States, the 62+ community has never had financial services designed for their unique needs. Charlie was created to change that,” says Kevin Nazemi, co-founder and CEO of Charlie.
“Charlie is designed to meaningfully address the challenges retirees and soon-to-be-retirees face financially: shifting from accumulating assets to deaccumulation, the struggles regarding transparency and trust in the financial services world, and a lack of options to help them make the most of their limited resources to enjoy life.”