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PROFILE Into the future
ChimpChange is looking to deliver a better way to bank. Ash Shilkin talks to Scott Thompson about humble beginnings, funding and partnership challenges and drawing inspiration from 80’s sci fi comedy movies
Senior Editor Scott Thompson
“THERE WILL ALWAYS BE HUNDREDS OF BANKS,
BUT WE AIM TO BE THE ONE THAT PEOPLE TELL THEIR FRIENDS ABOUT”
based ChimpChange aims to provide a digital bank account that is low cost or free and does everything a regular account does, plus a whole lot more. The startup offers a mobile app linked to a prepaid Mastercard that can be used to make in-store/online purchases, pay bills and withdraw cash everywhere debit Mastercard is accepted. The ‘whole lot more’ bit includes such features as spending and budgeting tools, Snapchat-like images or videos to accompany money transfers, cash-back locators, and photographic cheque depositing with instant clearing.
I
It’s the brainchild of Ash Shilkin who started his career in his home country of Australia, laying claim to being the youngest
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n the works since 2013 and launched in 2015, US-
CFO of a $30 million company listed on the Australian Stock Exchange. “We grew that company to be worth $300 million in a short period of time,” says Shilkin.
Having failed to gain any traction with Aussie banks, he moved to the US in 2013 to pursue ChimpChange. “The first six months in the US I spent couch surfing while trying to find a partner bank and processor to work with. I spent most of the time in LA where there were the most couches available, and ended up laying down our roots in Hollywood, CA. Today we have a team of 23 working out of our offices in Hollywood.”
ChimpChange’s business model has two main value-add components. The first is based on price. “Many of our customers are middle to low income earners, who are being charged $10 -
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