Mobile banking startup Varo is becoming a real bank – TechCrunch

Mobile banking startup Varo is becoming its own The company announced on Friday it has been granted a 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. The news follows Varo…

Curated via Twitter from TechCrunch’s twitter account….

Already, Varo responded to the pandemic by offering early access to stimulus deposits, increasing deposit and ATM limits, and expanding tis partnerships with job platforms to help customers find work. “This is a thrilling milestone for Varo, as the bank charter has been a core part of Varo’s disruptive vision from the very beginning,” said Varo Bank founder and CEO Colin Walsh, in statement. “2020 has been challenging for many of us across the country and has highlighted, once again, how the traditional financial system is not meeting the needs of hardworking, everyday Americans.

The news follows Varo’s recent close on an additional $241 million in Series D funding aimed at helped Varo transition its service to its own bank, as well as expand into new banking products and hire new staff across operations, marketing, risk, engineering, and communications.

The company announced on Friday it has been granted a 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.

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