Wonder

Research Outline

Prepared for Olga F. | Delivered September 4, 2019

US Fintech/Digital Challenger Banks

Goals

To understand the key players in the US fintech startups/digital challenger bank market, including Chime, Aspiration, Varo, MoneyLion, Stash, RobinHood, BankMobile, Marcus, Revolut, and SoFi Money. For each player, their total user numbers, user growth over the last 12 months, total assets under management, loans originated, and other performance metrics which indicate their scale and reach are desired.

Early Findings

ChimeAs of March 2019, Chime reported having 3 million users.
Chime has tripled its user base in the last year, attracting 200,000 users each month. 
Chime's monthly transaction volume exceeds $1 billion.
Chime has raised $308.8 million in 6 funding rounds, after receiving $200 million in Series D funding, led by DST Global (screenshot).
Chime has a valuation of $1.5 billion, as of its most recent funding.
AspirationAspiration had $350 million in AUM (assets under management), as of May 2018.
The company serves over one million customers, adding 100,00 each month.
Aspriation has $20.5 million in funding and is seeking another $200 million, which would bring its valuation to $1 billion.
StashAs of May 2018, Stash had 2 million investment clients and $319 million in AUM.
Stash grew from one million users in August 2017 to two million in April 2018.
Stash has raised over $150 million in funding, after Series E funding of $65 million closed in February 2019.
Stash was valued at $350 million after its Series D funding round and it is said to be valued "much higher" after its Series E round, according to TechCrunch.
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