A challenger bank built on one principle: every fee, every dollar of revenue, every line of fine print — published in the open.
Pulled from CFPB filings (2024). Every figure links to source.
When you swipe your card, the merchant pays a small percentage to the network. The bank that issued the card — us — receives a share of that fee. This is called interchange revenue. On average we receive $0.018 per dollar spent.
That's the entire business. Not overdrafts. Not maintenance fees. Not the spread on dormant balances earning you nothing while we lend at 7%. Your deposits sit in FDIC-insured partner accounts earning 4.80% APY — paid to you, in full, no tiers, no asterisks.
We publish our P&L every quarter. Line by line. Read Q1 2025 →
The American banking system extracts $15.5 billion per year in overdraft fees alone. Most of it comes from the people least able to pay. The fees are not bugs in the system — they are the system. They are charged because the rules permit it, the disclosures bury it, and the alternatives have, until now, been worse.
We are not interested in incrementalism. We are not interested in a "better" overdraft fee, a "lower" maintenance charge, a "more reasonable" wire. Every penny a bank extracts beyond the actual cost of moving your money is a transfer of wealth from the customer to the institution. We refuse to participate in that transfer.
Our entire operation is built on one revenue line: interchange. When you spend, the merchant pays. We take a cut. That's it. We do not gamble with your deposits. We do not pad our margin on dormant balances. We do not invent fees because legal said we could.
Transparency is not a marketing posture. It is an operational discipline. We publish every fee, every dollar of revenue, every executive's compensation, and every regulator letter received — in public, on our website, with the raw filings attached.
— Signed, the founders. Read the unedited charter →