Chime

Revolut's CEO says Chime's missing banking license caps its audience. Nik Storonsky says US players like Chime and Cash App never went for a banking license, which he calls a big mistake. In his view they can serve early adopters and certain cohorts, but never become the prime bank account for 40 to 70% of the population.

This is a competitor's view, not a Chime result. His evidence is Revolut's own penetration: about 80% in Ireland, roughly 20% in the UK and France, and 30 to 40% in several other markets. He says the license lets Revolut earn deposits, salaries and trading trust from mainstream customers. Quote: "They can now never go to prime audience, right? And they can never become a prime bank account without the banking license."

David Senra▶ 11:10

Chime's growth team used custom GPTs for ad ideas and experiment readouts. At Chime, Dennis Yang built one GPT to write Facebook and Google ads and another to explain experiment results like a data scientist. The readout GPT could also answer follow-ups such as how much longer to run a test.

Logan Kilpatrick of OpenAI cites this as an example of building internal GPTs with company context for recurring work. He also built a private planning GPT from an article's best practices, which generates timelines, success metrics and the cross-functional stakeholders to include.

Lenny's Podcast▶ 16:02