US-based challenger bank Moven is recommending its consumer banking customers move their accounts to Varo, as the company pivots from digital banking to focus on growing its enterprise software business, Moven Enterprise.
Moven's decision gives Varo an opportunity to tap new digital banking consumers. Therefore, according to BankingDive, as the 30 April 2020 deadline approaches, a ‘healthy number’ of customers make the transition.
Moven began notifying its customers in March 2020 that it would close its consumer banking accounts on 30 April 2020.
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