article thumbnail

Chime, Challenger Banks And The Challenges Of (Lofty) Valuations

PYMNTS

Accounts are FDIC-insured through a partnership with Bancorp Bank. The partnership model is an increasingly popular setup for financial technology startups that don’t have their own bank charters. The company said earlier this year that it had more than eight million accounts in place, as reported by the Los Angeles Times.

article thumbnail

Chime, Challenger Banks And The Challenges Of (Lofty) Valuations

PYMNTS

Accounts are FDIC-insured through a partnership with Bancorp Bank. The partnership model is an increasingly popular setup for financial technology startups that don’t have their own bank charters. The company said earlier this year that it had more than eight million accounts in place, as reported by the Los Angeles Times.

article thumbnail

Finovate Fall 2016 Live Blog – Day 2

William Mills

Los Angeles-based global company. “We This sounds like the best of both worlds – social funding for SMB’s with the backing of their FDIC-insurance bank. He has more than 30 years of experience in financial technology and is a recognized leader in financial and technology marketing. finovate Tweets.