Tagged: colin walsh

Chatter: Digital Bank Varo Said to be Shutting Down Personal Loan Division as it Focuses on Becoming First US Fintech Bank [u]

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

Big News! Digital Challenger Bank Varo Money Granted Preliminary Approval for National Bank Charter by OCC

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

Digital Bank Startup Varo Money Hires Former Bank Exec as New CFO

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

Varo Money Launches High-Yield Savings Accounts

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

The Rise Fund & Warburg Pincus Lead $45 Million Series B Funding for Challenger Bank Varo

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

Wells Fargo Announces Mobile First Bank GreenHouse, Digital Bank Varo Says it Will Cause Internal Strife as Bricks & Mortar Branches Stumble

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

Jack Dorsey’s Square Comes Full Circle, Moves into Banking; Jacqueline Reses Selected to Lead New Bank

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

Traditional Banks are Really Shadow Finance & Wells Fargo Proves it.

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

New Era in Banking? Digital Only Varo Bank Files for National Bank Charter

Varo Money has applied for a national bank charter from the Office of the Comptroller of the Currency (OCC) and with the Federal Deposit Insurance Corporation (FDIC) for federal deposit insurance. This is the next step in creating a digital only challenger bank (Varo Bank) that… Read More

Envestnet | Yodlee Announces Partnership With Varo Money

Envestnet | Yodlee (NYSE: ENV) announced on Tuesday it formed a partnership with Varo Money Inc., a mobile-only banking startup that helps consumers gain greater control of their financial lives, and is now seeking to provide customers with a customized mobile banking experience using RESTful Envestnet… Read More

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