Challenger banks are hard at work across the world, using digital technology to disrupt traditional banking business models and streamline retail banking, changing banking as we know it.
According to a recent report from Cornerstone Advisors, 14.2 million Americans consider a digital bank to be their primary banking relationship. This is a 67% increase from January 2020. Chime leads the charge with over 4.3 million consumers calling it their primary bank, which based on primary banking customers, would make Chime a top 10 bank in the USA!
Chime: Based in San Francisco, CA. They have raised $1.1B in funding. Chime is an online-only bank with no hidden fees, early direct deposit, and fee-free overdrafts.
Dave: Based in Los Angeles, CA. They have raised $183M in funding. Dave is a mobile-only deposit account aimed at helping young consumers build their credit, prevent overdrafts, and learn to budget.
Varo: Based in San Francisco, CA. They have raised $419.4M in funding. Varo is a mobile banking app with no monthly fees, lets you get paid up to two days early with direct deposit, offers easy automatic savings tools, and more.
BankMobile: Based in New York, NY. They have been acquired by Flagship Community Bank. BankMobile is a division of Customers Bank and among the largest and fastest-growing mobile-first banking platforms in the U.S., offering checking and savings accounts, personal loans, and credit cards.
Current: Based in New York, NY. They have raised $52.6M in funding. Current is a mobile banking app and Visa debit card that offers online checking accounts with up to two days faster direct deposits and no hidden or overdraft fees
Simple: Based in Portland, OR. They have been acquired by BBVA. Simple combines innovative technology, intuitive user experience, and expertise in behavioral economics to help its customers easily bank, budget, and save.
Aspiration: Based in Marina Del Rey, CA. They have raised $200M in funding. Aspiration is a financial firm with a conscience dedicated to bringing fair, sustainable banking and investment products that help its customers “Do Well” and “Do Good.”
Oxygen: Based in San Francisco, CA. They have raised $5.5M in funding. Oxygen is the banking solution for free thinkers, rebels, and entrepreneurs. Get flexible banking, along with real money cashback, and a line of credit.
Build a Challenger Bank or Banking Components with Hydrogen
Interested in building the next Chime? Or maybe you want to add banking components to your existing application? Hydrogen provides a configurable API platform and no-code solutions with all of the data storage, analytics, business logic, and UI needed to build a cutting edge challenger bank application or banking components in the United States and globally.
Building these types of solutions can be difficult, frustrating, and extremely time-consuming. Through our numerous integrations, we’ve done all the heavy lifting for you.
Start building with Hydrogen!