Now That Varo Has a Banking License, What Comes Next?

Varo broke new ground as the first major fintech company to obtain a full banking license; now that they have a banking license Nik Milanovic asks what should come next? Varo CEO Colin Walsh has said that they will use the charter to pursue a few strategic objectives: lower costs, more control, and faster product development; the company plans to introduce its own credit cards, loans and savings products and they should be able to this relatively quickly and inexpensively now they are not dependent on a banking partner; Milanovic also wonders if Varo should get into the banking as a service business and offer its banking products out to non-banks. Forbes.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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