Varo becomes first US fintech to receive national banking licence
The US fintech VaroMoney Inc. has received a national bank charter from the US Office of the Comptroller of the Currency (OCC). Varo has also secured regulatory approvals from the US Federal Deposit Insurance Corporation (FDIC) and the US Federal Reserve to establish itself as a full service national bank. Varo is a digital app founded in 2015, since 2017 it has been offering digital banking services such as current, savings, and checking accounts in collaboration with the Bancorp Bank. Its services target younger and underserved customers, featuring benefits such as partner offers, no fee overdrafts, and no hidden fees.
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