Tagged: varo money

Rearguard Action: Independent Community Bankers of America Supports Closure of Industrial Loan Charter “Loophole” to Eliminate “Shadow Banking”

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

Future Fintech: The Fight for the Digital Banking Crown

As 2019 moves into its third quarter, the once burgeoning industry of digital banking is starting to make serious waves in the financial world – and investors are taking notice. Big players like Monzo, Starling, N26, Revolut, and EQIBank have recently completed massive funding rounds… Read More

Varo Money Inches Closer to Becoming First True Digital Only Bank in the US

Varo Money has been in operations for years now providing banking services in a digital only environment to a growing number of consumers. Like all other US-based aspiring digital banks, Varo has had to leverage regulatory arbitrage to provide its services by partnering with another… Read More

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

Varo Money Raises Annual Percentage Yield on Savings Account

Digital-only challenger bank Varo Money announced on Tuesday it raised the Annual Percentage Yield (APY) on its FDIC-insured Varo Savings Account to 2.80% for customers whose Savings Account balance is $50,000 or less, and who have qualifying direct deposits and debit card purchases from their… Read More

Temenos Banking Software Selected by PayPal

Digital payment platform and online lender PayPal (NASDAQ: PYPL)  has selected Temenos (SIX: TEMN) to provide digital banking services. The announcement by Temenos was buried in a brief release last Friday. Temenos stated: “PayPal, Inc. has selected Temenos T24 Core Banking. The Temenos T24 banking platform will run… Read More

Varo Money Teams Up With Temenos to Launch Banking Service in the U.S.

Just days after Varo Money received preliminary approval from the Office of the Comptroller of the Currency (OCC) for a national banking charter, the digital-only challenger bank announced it has teamed up with Temenos to help launch banking services in the U.S. According to Temenos, Varo… 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

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

Digital Challenger Bank Varo Money Adds Features, Awaits Approval of National Bank Charter

Varo Money, Inc., a digital banking app has announced an expansion to its digital banking app: Varo Forecast, a tool to help customers understand their real cash flow situation and calibrate their spending. Varo says it has also expanded its core product offering to include… 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

New Consumer Financial Data Rights Group Submits Comments to CFPB: Advocates for Consumer’s Rights to Financial Data

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Consumer Financial Data Rights Group (CFDR), a new organization that was created to defend consumers’ access to their data and fuels innovation in the fintech industry, announced on Tuesday it has submitted a response to the Consumer Financial Protection Bureau’s (CFPB) request for information (RFI) in regards… 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

Consumer Financial Data Rights Group Formed by Fintech Companies including Kabbage, Affirm & More

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 A group of fintech companies announced on Thursday they have come together to create the Consumer Financial Data Rights (CFDR) group. This organization will notably defend consumers’ access to their data and fuels innovation in the fintech industry. Founders of the CFDR group includes leaders from Affirm, Betterment,… Read More

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