Older Adult Banking Service Charlie Raises $23 Million Older Adult Banking Service Charlie Raises $23 Million
Charlie banking logo and app

Older Adult Banking Service Charlie Raises $23 Million

A neobank built to serve older adults has raised a new round of funding.

About the round:

This week, Charlie announced that it had raised $23 million. Specifically, the round included $16 million in equity as well as $7 million in debt. The Series A was led by TTV Capital and included participation from FPV and Better Tomorrow Ventures. Previously, the company raised a $7.5 million seed round in May of this year, which corresponded to the platform’s official launch.

With the new funds, Charlie says it will be able to accelerate its growth as well as launch more financial fraud protections.

About Charlie:

Charlie is a banking platform aimed at those age 62 and older. Partnering with Sutton Bank, the service’s accounts are FDIC insured up to $250,000 per depositor and there are no monthly fees or account minimums.

The Charlie platform includes features geared toward the retired or near-retired demographic, including the ability to receive Social Security payments up to five days early. This comes in addition to other benefits such as 3% earnings on deposits, fee-free ATM access, and more. As mentioned, the platform also intends to roll out personalized fraud protections for customers, noting that an average $28 billion is stolen from older adults in the United States each year.

What they’re saying:

Commenting on the idea behind Charlie, the company’s co-founder and CEO Kevin Nazemi said, “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.”

Nazemi added, “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, TTV Capital managing partner and co-founder Gardiner Garrard said of the firm’s investment, “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,” adding, “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.”

My thoughts:

On the one hand, a neobank built to address the needs of older Americans speaks to the strengths of FinTech as well as the trend of niche banking products. At the same time, one can’t help but wonder how these older adults will respond to a digital banking service in the first place. Perhaps that’s a bit ageist to say, but it would seem that there’d be a bit of a learning curve inherent to the service — even more so than with other neobanks in general. Nevertheless, Charlie’s platform does seem like a great idea and I’ll be interested to see how the company progresses.


Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Money@30's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

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