Varo Money gains full regulatory approval to become a national bank

Tuesday 4 August 2020 09:57 CET | News

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.

Varo also offers banking and savings accounts, as well as fee-free ATM withdrawals through a network of more than 55,000 Allpoint ATMs worldwide. With the national charter now in hand, Varo Bank will expand its services to target a broader set of customer needs including financial resiliency, affordable access to credit, and management of volatile cash flows.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Varo Money, Varo Bank, financial app, financial services, fintech, US, technology, banking licence, Bancorp Bank
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech

Industry Events