Tagged: varo money

Varo Bank to Reduce Burn Rate, Targets Long Term Profitability

Varo Bank, the first Fintech to receive a federal bank charter and become a regulated digital-only bank, continues to lose money as it pursues its mission of improving the financial health of its customers. A document recently filed with the Office of the Comptroller of… Read More

Digital Bank Varo Raises $510 Million Series E at $2.5 Billion Valuation

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

Digital Banking: Varo Bank Adds Cashback Perks for Customers

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

As Fintech Industry Matures, the Need for Policy Advocacy Grows: OLPI and MPL Merge to Form American Fintech Council

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

US Consumer Fintech Varo Money Aims to Enable Financial Inclusion, According to Chief Risk Officer Philippa Girling

Varo Money, Inc., the first consumer Fintech in the US to become a chartered national bank, recently explained how they’re building a better banking platform. Philippa Girling, Chief Risk Officer at Varo Money, noted that she’d been working in the banking industry for the past… Read More

OCC to Start Processing Charter Applications from Fintechs: Report

  The Office of the Comptroller of the Currency (OCC) will start processing Fintech applications to become federally chartered firms as soon as this week, according to a report. The acting Comptroller of the Currency Brian Brooks has only been managing the regulator since May… Read More

Digital Banking: Varo Money Says $100 Million in Overdraft Fees Saved by its Customers

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

Comptroller of the Currency Brian P. Brooks Comments on Varo Bank Receiving Federal Bank Charter

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

Big News: Varo Money Becomes First US Fintech to Receive a National Bank Charter

Varo Money, Inc. has been granted its national bank charter from the Office of the Comptroller of the Currency (OCC) and secured regulatory approvals from the FDIC and Federal Reserve to open Varo Bank N.A. This represents the first consumer Fintech in the US to… Read More

Varo Money CEO Colin Walsh : We Designed Varo to be Your Primary Bank Account

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

Varo Money Secures $241 Million Through Series D Funding Round Led By Gallatin Point Capital

Digital-only challenger bank Varo Money announced on Wednesday it secured $241 million through its Series D funding round, which was led by Gallatin Point Capital and The Rise Fund, co-founded by TPG, U2 lead singer Bono, and Jeff Skoll, a global entrepreneur, impact investor and… Read More

Digital Bank Varo Money’s Users to Get Direct Access to Fintech WorldRemit’s Global Money Transfer Services via the Varo App

WorldRemit, a cross-border funds transfer company, revealed on February 19 that it has teamed up with Varo Money, an established Fintech firm focused on providing digital banking services in the US.  According to a press release, the partnership between the two companies will give Varo… Read More

Digital Bank Varo Money Receives FDIC Approval Nears Final Stage of Bank Charter Journey

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

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

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