What are the issues with a business model dependent on interchange revenue, especially with the expected recession and increasing interest rates?

I have two points on this.

One is that Chime is probably in a better position than most companies to handle a recession because they have a lot of cash flow and a lot of investor money and they haven't blown it all.

But also, there’s just the way that people use the card. They’re using it for essential purchases. Even in a recession or a lower spending environment, people are still buying groceries, they're still buying gas, and they're still buying staples. That is a pretty good stable income source. Giving out loans in a bad financial environment is more high risk because it's worse to have a bunch of loans on your books in case of default and things like that.

I think Chime is positioned pretty well with their interchange model. What’s interesting is the forward earnings projections and things like that—when you get tons and tons of investor money, people expect crazy out-sized returns. Those may not be in line with what actually could be achieved, but I think Chime, as a business, is very stable and will continue to grow.

Another interesting thing which I think benefited them very heavily—and probably benefited all fintechs—was stimulus money and child tax credit refunds. 

People forgot about how that affects all the banking companies, but basically the government just gave billions of dollars to consumers directly. They’re going to spend it, and if they spend it through a Chime account, Chime gets even more money.

There was a period in there where all these fintechs saw crazy growth, partially fueled by all the money that was paid on stimulus payments.