In this episode of Breakthrough Labs, General Atlantic’s Head of Financial Services Paul Stamas speaks with Chris Britt, Founder and CEO of Chime. They discuss Chris’ early days in consulting and his time working at start-ups in San Francisco; his experience at Green Dot and working on teams that invented the retail distribution of credit and debit cards in traditional retail locations like Walmart and Walgreens; Chime's founding vision to cater to customers that were underserved by traditional banks; meeting his co-founder Ryan King and the importance of their complementary skillsets to scaling the business; establishing Chime after the Global Economic Crisis and the business’ approach to gaining customers by aligning with them on key values; the structural advantage that Chime benefits from compared to big money-center banks that it competes with; how the company has navigated operating in a highly regulated industry; how Chime puts user experience forward by partnering with banks; brand loyalty and how the business’ success is a reflection of its commitment to values and principles; the power of social media to engage and connect with members; measures Chime took during the pandemic to ease uncertainty for its members; how the company’s mission-driven approach has allowed it to recruit top talent; efforts Chris and the leadership team take in order to prioritize employee wellness; and the importance of surrounding yourself with the best people that represent diversity of thought and experience.

Key Takeaways – “In this episode”

• Chris discusses the impact of the Global Economic Crisis on the everyday consumer and how Chime grew out of a universal desire for more equitable banking services in the years to follow.
• A look into Chris’ early days pitching Chime to investors— he explains his vision for unlocking scale while serving a societal need by creating a business for the two-thirds of working age Americans, or about 150 million people, who live paycheck-to-paycheck.
• The initial difficulty that came with creating a fee-free business model and learning how to operate a company that could become profitable while still staying true to its core values.
• Chime becoming the jersey partner of the Dallas Mavericks and the company’s continued devotion to giving back to its community of users.
• Chris discusses how Chime has gone on to influence other incumbent banks to reduce consumer fees and offer more consumer-friendly policies, as well as banking innovations on the horizon.