* Preferred Partner - click to find out more *Red Flag Reputation // GetRedFlag.com

Most fintechs partner with banks; Varo became one, and says it’s paying off

Date:

Share post:

Last month, Varo Bank celebrated the two-year anniversary of obtaining its national bank charter. The move made Varo the first-ever all-digital nationally chartered U.S. consumer bank.

The startup launched its banking services in 2017, aimed at making younger consumers comfortable doing all their banking online. It has raised nearly $1 billion since its 2015 inception and was valued at $2.5 billion at the time of its last raise in 2021. Its backers include institutions such as Lone Pine Capital, Warburg Pincus and The Rise Fund, as well as U2’s Bono and NBA player Russell Westbrook.

Today, the startup competes with Chime, Current, N26, Level, Step and Moven, among many others. Varo’s step to obtain a charter separates it from the pack in that rather than partnering with a bank, it became one.

A lot has happened since Varo took the complex, and costly, bank charter route. I caught up with Colin Walsh, the company’s chief executive and founder, to get an update.

This interview has been edited for clarity and brevity.

TC: Was it worth it for you to get a charter as a company? And if…

Read more…

Related articles

Immunify.Life Launches Groundbreaking Blockchain-Based HIV/AIDS Treatment Outcomes Study in Kenya

Background HIV – one of the world's deadliest infectious disease killers – needs no introduction. It has killed...

Fintech Galaxy Expands Team, Hires COO, CFO

Fintech Galaxy is growing its executive, management and other talent teams as it moves...

Mastercard & Crypto App ‘hi’ Launches NFT Customizable Cards

The crypto exchange and mobile banking platform hi has partnered with global payment services provider Mastercard to launch...

What the latest IRS crypto tax records summons means for investors

The IRS continues to chase U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions with...