Varo Money, a US mobile only bank files for a national charter to become a national bank

25 July 2017

Varo MoneyVaro Money, a San Francisco-based financial technology company focused primarily on mobile banking services, applied for the charter to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to register it as Varo Bank. Upon approval of the application the fintech company will obtain a full-fledged banking license valid across the United States, bringing it under the state regulation.

While previously Varo Money was reliant on the cooperation with The Bancorp Bank, it has ambitious plans to expand its influence and lift its status by filing a request for a national bank charter which naturally reflects its move to become the primary US bank oriented at mobile financial services with a complete package of financial products for consumers.

Colin Walsh, a founder of Varo Money, notes that the fintech startup was founded with the vision to provide real value to customers by offering more convenient and easy to use option for managing personal finances and getting to financial goals in a few clicks on a mobile device.

He adds that they wanted to create some truly efficient way for consumers to address their financial objectives, solving their fundamental problems and bring them to the future of financial products, and with the status of a national bank Varo plans to achieve its goals on a national scale.

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