Chime CEO Chris Britt said the digital bank has surpassed 4 million customers, up from 1 million at this time a year ago; Chime competitor Varo Money doesn’t think those numbers hold a lot of weight; “Be wary of anyone promising to scale mobile banking like a SaaS model,” Varo wrote in an email to American Banker. “Managing your money is a lot more complicated than simply downloading an app.”; both companies are using different methods to grow their business, Chime has a partnership with The Bancorp Bank and Varo is pursuing a banking charter; the U.S. market is set to get a lot more crowded in the coming years with European digital banks N26, Starling Bank, Revolut and more recently Monzo all seeking to launch in the U.S. soon. Source.
