PHOTO: chime

A decade ago, venture capitalist Lauren Kolodny ’08 became one of Chime’s earliest believers when her VC firm, Acrew, led its series A round with $9 million. Recognizing that the firm needed a strategic head of finance, she asked around and heard Newcomb’s name, introducing him to founders Chris Britt and Ryan King.

“At Brown I was surrounded by people with an entrepreneurial mentality, and I saw that same drive in Matt,” says Kolodny, who is effusive about what happened next. “I cannot overstate how remarkable it is that Matt joined post–Series A and scaled all the way through IPO,” she says. “He’s a complete unicorn.”

For Newcomb, it comes back to curiosity and storytelling. “There hasn’t been any grand plan,” he says. “It’s just been a series of solving the next problem.” Today, with nearly 200 million Americans still “unhappily banked” at traditional institutions, he believes Chime’s work is only beginning. Kolodny agrees: “They’ve built the foundation of something that can stand the
test of time,” she says. “And a big part of that credit goes to Matt.”

Chime earns revenue from interchange fees paid by credit card companies—not its members. That allows it to offer no-fee checking accounts, with overdraft protection, high-yield savings, and extra perks such as early access to paychecks. A digital company that partners with other banks for services, the firm keeps its own overhead low.