Chime ( US Challenger Bank)

[jzw95]

Turns out they don’t have 5 million customers, most likely closer to 1.6 million.

Chime on 5m users in

They have 5 million accounts, not 5 million customers. Five Million People or Accounts? A recent survey of US consumers by Cornerstone Advisors produced an estimate of about 1.6 million people banking with Chime. Why the discrepancy between number of customers and number of accounts? Chime tells customers: “When you open your Chime Spending Account, you are presented with an option to open your Savings Account.” It’s likely that most Chime customers are opening that account since there’s …

I’m not saying Chime isn’t a competitor to Monzo, but I still think Monzo is well placed to take them on in the US. I imagine Chime have used a lot more off-the-shelf components instead of building their own.