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The digital banking startup backed by PE firm Warburg Pincus has followed in the footsteps of SoFi and is another example of a fintech startup applying for a national banking charter and deposit insurance. This means it would take deposits, pay interest, make loans in any state, and issue cards, all through smartphone apps.
“We founded Varo because we believe many people could benefit from an easier, more affordable way to manage their money and reach their financial goals with just a few taps on their mobile phone,” said Colin Walsh, co-founder and CEO of Varo Money. “To do this, we got customers involved in an iterative process from the beginning. We wanted to offer more than just checking, savings and lending products-we wanted to help our customers solve financial problems, fix the fundamentals, and guide them toward a better financial future. As a national bank, Varo will be able to help Americans nationwide.”
https://venturebeat.com/2017/07/25/varo-bank-n-a-applies-for-a-national-bank-charter/amp/
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