Varo Money has been granted its national bank charter from the Office of the Comptroller of the Currency (OCC).
Furthermore, the fintech has secured regulatory approvals from the FDIC and Federal Reserve to open Varo Bank. This represents the first national bank charter granted to a US consumer fintech and will allow Varo to offer customers FDIC-insured banking services, according to the official press release.
After officially launching digital banking services in July 2017, Varo found product market fit providing a range of premium banking products in partnership with The Bancorp Bank, including Varo’s No-Fee Overdraft.
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