Tagged: colin walsh

November 27, 2023 @ 12:06 pm By JD Alois  |  

Varo Bank, the first native digital bank in the US, says it has increased its Cash Advance amount for certain customers – double the previous amount available of $250. Varo Bank says the Cash Advance offering is “one of the lowest-cost short-term loans available among… Read More

November 16, 2022 @ 11:31 pm By Omar Faridi  |  

Varo Bank — which claims to be the first all-digital, nationally-chartered U.S. consumer built from the ground up techbank — announced that it will offer Zelle® in its mobile banking app. Zelle is described as “a safe way to send and receive money with friends,… Read More

April 29, 2022 @ 8:14 am By Omar Faridi  |  

Varo Bank, N.A., which claims to be the first all-digital, nationally chartered bank in the US, has announced the appointment of Spencer Rascoff, Co-Founder and former CEO of Zillow to Varo’s Board of Directors. Rascoff joins Varo’s Board to continue “to scale Varo, a one-of-a-kind… Read More

September 9, 2021 @ 1:16 pm By JD Alois  |  

Varo Bank, one of the first, nationally chartered digital banks in the US, has raised a $510 million Series E funding round. The capital was raised at a valuation of $2.5 million, according to reports. Once again, FT Partners was the exclusive advisor for the… Read More

May 26, 2021 @ 8:00 am By JD Alois  |  

Varo Bank, the first Fintech in the US to become a fully chartered national bank, has added a new “Perks” program for customers. According to a release, Perks offers rewards of up to 15% Cashback from local and national merchants. The new program is set… Read More

March 14, 2021 @ 12:50 pm By JD Alois  |  

Financial technology or Fintech has been growing at a rapid pace for years now. Starting with online capital formation, today a growing number of sophisticated financial services are going through a much-needed. digital transformation. This can mean better/cheaper access to services for more consumers and… Read More

September 2, 2020 @ 9:15 am By JD Alois  |  

Varo Money, Inc., the first consumer Fintech in the US to become a chartered national bank, is reporting that it has saved its customers over $100 million in overdraft fees in the past year. Varo Bank became a fully chartered bank last month after a… Read More

August 3, 2020 @ 3:29 pm By JD Alois  |  

Last week, Acting Comptroller of the Currency Brian P. Brooks virtually presented Varo Bank, N.A. its official charter. Varo Money has been in business for years having provided bank services by partnering with an already chartered bank. As of August 1st, 2020, Varo Bank can… Read More

June 16, 2020 @ 1:50 pm By JD Alois  |  

Earlier this month, Crowdfund Insider reported on Varo Money closing on a huge $241 million Series D funding round. Varo Money is a top US-based digital-only bank seeking to challenge entrenched traditional banks while battling other Fintechs. In the realm of Fintech, digital banking is… Read More

April 17, 2020 @ 2:08 pm By Omar Faridi  |  

San Francisco-headquartered Varo Money, an established mobile banking service provider, is reportedly planning to accommodate the former clients of digital bank Moven, which recently closed down its direct-to-consumer product offering. In March 2020, Moven’s management had reported that it experienced funding challenges due to the… Read More

February 10, 2020 @ 1:00 pm By JD Alois  |  

The Federal Deposit and Insurance Commission (FDIC), the US regulatory agency that provides vital deposit insurance for millions of account holders in the US, has given the green light to Varo Money – a digital-only bank. The Office of the Comptroller of the Currency (OCC),… Read More

November 13, 2019 @ 11:05 am By JD Alois  |  

The Independent Community Bankers of America (ICBA) has issued a statement of “strong support” regarding pending legislation targeting Industrial Loan Charters (ILC). An ILC is a regulated financial services charter that may be held by non-financial institutions. ILCs may hold FDIC insured deposits – a… Read More

June 25, 2019 @ 2:46 pm By JD Alois  |  

Varo Money, one of a handful of US-based digital challenger banks seeking to receive a bank charter from the Office of Comptroller of the Currency (OCC), is shutting down its consumer lending division, according to a reliable source. Multiple employees are said to be looking… Read More

September 4, 2018 @ 6:13 pm By JD Alois  |  

Varo Money, a digital only challenger bank, has received preliminary approval from the Office of the Comptroller of the Currency (OCC) for a national banking charter. This is a very big deal in the world of Fintech, as Varo may end up being the first… Read More

August 21, 2018 @ 2:32 pm By JD Alois  |  

Digital bank Varo Money has hired Thibault Fulconis as Chief Financial Officer (CFO). Varo shares that Fulconis has extensive experience and was previously part of the executive team of Bank of the West and its holding company BancWest. Fulconis will oversee all financial, treasury, regulatory… Read More

March 9, 2018 @ 1:00 pm By Samantha Hurst  |  

Digital challenger bank Varo Money announced on Thursday it is launching a 1.25% annual percentage yield (APY) on their savings account. the debut of the high-yield savings accounts comes just two months after Varo closed a $45M Series B funding round led by Warburg Pincus and The Rise… Read More

January 18, 2018 @ 9:00 am By JD Alois  |  

Varo Money, a digital challenger bank, has closed a $45 million Series B funding round led by existing investor Warburg Pincus and The Rise Fund, a global impact fund led by private equity firm TPG. Varo said that 30 other investors participated in the round… Read More

November 2, 2017 @ 6:09 pm By JD Alois  |  

Wells Fargo & Company (NYSE:WFC)  has launched a mobile first, digital bank branded as Greenhouse by Wells Fargo. The traditional bank predicted Greenhouse “will appeal to a broad base of consumers, many of whom have several income sources or are paid infrequently, which can make… Read More

September 7, 2017 @ 1:47 pm By Erin Hobey  |  

The word on the street is that Jack Dorsey’s Square (NYSE: SQ) is moving into banking business with an application to form a wholly owned bank based in Utah. The unit, to be called Square Financial Services Inc., would offer loans and deposit accounts to small… Read More

August 31, 2017 @ 5:21 pm By JD Alois  |  

Over the past several years, traditional financial services firms have thrown shade at alternative finance platforms by labeling them “Shadow Finance.” This oblique reference to Fintech firms seeking to disrupt and dethrone old school banks is standard banter on the various financial news networks. Even… Read More