Varo Breaks New Ground With FDIC Approval For National Bank Charter

Due to the regulatory environment in the US digital banking startups have opted to partner with banks to offer banking services; however there is a path for a digital bank to be a standalone bank through a national bank charter; Varo had plans to pursue this path from the very beginning and is now the first fintech to receive approval from the FDIC; from here they will still need to get final approval from the OCC and Federal Reserve; According to CEO and  co-founder Colin Walsh pursuing this route has cost the company $100 million; once approved Varo will no longer need their banking partner Bancorp Bank and will be able to themselves offer a full suite of banking products. Lend Academy

  • With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!

[class^="wpforms-"]
[class^="wpforms-"]