Varo Granted National Bank Charter, A First For Fintechs

Law360 (July 31, 2020, 2:16 PM EDT) -- Consumer fintech company Varo Money Inc. has been granted a charter to launch a full service national bank, the U.S. Office of the Comptroller of the Currency said Friday, the first fintech company of its kind to do so.

Obtaining a national bank charter will allow mobile banking fintech Varo to launch Varo Bank NA, providing customers with a slate of technology-driven banking services insured by the Federal Deposit Insurance Corp. Varo Bank will employ several technologies to enhance customers' banking experience across a range of financial products, Varo said.

Varo's national bank charter "represents the evolution of banking and a...

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