Varo is first US FinTech to gain bank charter 

August 03, 2020 | Banking

Written by FinTech Alliance

Varo is first US FinTech to gain bank charter 

Varo Money has been granted a national bank charter in the US.  

In Brief:  

  • The FinTech has approval to open Varo Bank thanks to the OCC and FDIC.  

  • Varo can now offer customers a range of banking services that are FDIC-insured.  

  • It first launched digital banking services in 2017.  

 
What does this mean?  

This is a significant milestone not just for Varo, but for the US FinTech landscape as the first FinTech is allowed a national bank charter. Varo was founded to help offer financial products to underbanked Americans, and says the approval will help improve the “financial health of millions”.  

Read more here.  

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