We founded Challenger to democratize access to financial services to build generational wealth for those who need it most. We dream really big: a few months ago, the Board of Governors at the Federal Reserve changed the rules because I suggested the legal framework to create a new type of more competitive bank.
Now we’re moving forward in a less controversial space with the same big vision: Challenger automates cash management for small businesses and startups so they can earn what their bank earns on their money.
To reach these customers, we’re currently working towards a partnership with Western Union Business Solutions to manage the cash in their clients’ holding balances. We will target payment companies as partners to capture incoming business payments to earn the US Treasury interest rate before they're needed to pay bills.