What is Chime's positioning in comparison to other neobanks, specifically Varo and Dave, and generally to the likes of Current and Aspiration?

This is something I always found interesting because they're not all that different. They offer the same things, but they all try to differentiate and say, "Oh, we have free ATMs” or “We offer rollover to your savings account programs," but none of them are really that novel or unique. 

It's an interesting thing. These solutions are not really off-the-shelf, so each company has to build their own version of it, which is why for them it feels like a big accomplishment—. "Oh, we now rolled out ATM fee-less banking"—because they're having to build it themselves internally.

A lot of it does come down to who they’re targeting in the marketing. Chime had their own market segment they focused on pretty heavily. Some of the other banks or companies were targeting people higher upstream—like SoFi, which was a pretty large competitor. 

Chime's huge benefit is that they're getting people who’ve never banked before. They’re net new customers. And from Chime's perspective, that was great. Any customer's a good customer, as long as they have some money they're going to spend. And from a customer standpoint, the incentives were aligned. They got a great product that helped them for free.

People were thinking about trying to broaden the scope to appeal to higher-income earners and things like that, which I think is the natural development of a lot of these fintechs, especially when you're based off an interchange model. The more people spend, the more you make. And if you have the average customer holding a couple hundred bucks in your account spending that much per month, that's different than a high-income earner spending $2,000 a month or something like that.