Upstart innovators have taken advantage of new market gaps and delivered on evolving consumer needs with unbundled financial products, no-fee payments, direct transfers and more. Chime, with its no-fee accounts, free overdrafts and early direct deposits on paychecks, scored eight million accounts in 2020, up from just one million in 2018. Credit Karma, with its promise of helping everyone “feel confident about their finances,” has collected over 100 million users in a decade. And the much-in-the-news Robinhood, which offers commission-free investment services for stocks, ETFs and options, claimed more than 10 million accounts and billions of dollars in transaction volume this year.
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