Tagged: varo money

February 17, 2025 @ 5:02 pm By JD Alois  |  

Varo Money, a federally chartered digital bank, is raising growth capital. According to a Form D filed with the Securities and Exchange Commission, Varo is seeking $55 million. As of the date of the filing, Varo has raised almost $29 million with around $26 million… Read More

February 1, 2023 @ 11:26 am By JD Alois  |  

Varo Bank, the first Fintech to receive a federal bank charter and become a regulated digital-only bank, continues to lose money as it pursues its mission of improving the financial health of its customers. A document recently filed with the Office of the Comptroller of… Read More

September 9, 2021 @ 1:16 pm By JD Alois  |  

Varo Bank, one of the first, nationally chartered digital banks in the US, has raised a $510 million Series E funding round. The capital was raised at a valuation of $2.5 million, according to reports. Once again, FT Partners was the exclusive advisor for the… Read More

May 26, 2021 @ 8:00 am By JD Alois  |  

Varo Bank, the first Fintech in the US to become a fully chartered national bank, has added a new “Perks” program for customers. According to a release, Perks offers rewards of up to 15% Cashback from local and national merchants. The new program is set… Read More

March 14, 2021 @ 12:50 pm By JD Alois  |  

Financial technology or Fintech has been growing at a rapid pace for years now. Starting with online capital formation, today a growing number of sophisticated financial services are going through a much-needed. digital transformation. This can mean better/cheaper access to services for more consumers and… Read More

December 26, 2020 @ 1:02 pm By Omar Faridi  |  

Varo Money, Inc., the first consumer Fintech in the US to become a chartered national bank, recently explained how they’re building a better banking platform. Philippa Girling, Chief Risk Officer at Varo Money, noted that she’d been working in the banking industry for the past… Read More

September 2, 2020 @ 2:00 pm By JD Alois  |  

  The Office of the Comptroller of the Currency (OCC) will start processing Fintech applications to become federally chartered firms as soon as this week, according to a report. The acting Comptroller of the Currency Brian Brooks has only been managing the regulator since May… Read More

September 2, 2020 @ 9:15 am By JD Alois  |  

Varo Money, Inc., the first consumer Fintech in the US to become a chartered national bank, is reporting that it has saved its customers over $100 million in overdraft fees in the past year. Varo Bank became a fully chartered bank last month after a… Read More

August 3, 2020 @ 3:29 pm By JD Alois  |  

Last week, Acting Comptroller of the Currency Brian P. Brooks virtually presented Varo Bank, N.A. its official charter. Varo Money has been in business for years having provided bank services by partnering with an already chartered bank. As of August 1st, 2020, Varo Bank can… Read More

July 31, 2020 @ 9:00 am By JD Alois  |  

Varo Money, Inc. has been granted its national bank charter from the Office of the Comptroller of the Currency (OCC) and secured regulatory approvals from the FDIC and Federal Reserve to open Varo Bank N.A. This represents the first consumer Fintech in the US to… Read More

June 16, 2020 @ 1:50 pm By JD Alois  |  

Earlier this month, Crowdfund Insider reported on Varo Money closing on a huge $241 million Series D funding round. Varo Money is a top US-based digital-only bank seeking to challenge entrenched traditional banks while battling other Fintechs. In the realm of Fintech, digital banking is… Read More

June 3, 2020 @ 11:29 am By Samantha Hurst  |  

Digital-only challenger bank Varo Money announced on Wednesday it secured $241 million through its Series D funding round, which was led by Gallatin Point Capital and The Rise Fund, co-founded by TPG, U2 lead singer Bono, and Jeff Skoll, a global entrepreneur, impact investor and… Read More

February 19, 2020 @ 11:26 pm By Omar Faridi  |  

WorldRemit, a cross-border funds transfer company, revealed on February 19 that it has teamed up with Varo Money, an established Fintech firm focused on providing digital banking services in the US.  According to a press release, the partnership between the two companies will give Varo… Read More

February 10, 2020 @ 1:00 pm By JD Alois  |  

The Federal Deposit and Insurance Commission (FDIC), the US regulatory agency that provides vital deposit insurance for millions of account holders in the US, has given the green light to Varo Money – a digital-only bank. The Office of the Comptroller of the Currency (OCC),… Read More

November 13, 2019 @ 11:05 am By JD Alois  |  

The Independent Community Bankers of America (ICBA) has issued a statement of “strong support” regarding pending legislation targeting Industrial Loan Charters (ILC). An ILC is a regulated financial services charter that may be held by non-financial institutions. ILCs may hold FDIC insured deposits – a… Read More

August 18, 2019 @ 2:45 pm By Aubrey Hansen  |  

As 2019 moves into its third quarter, the once burgeoning industry of digital banking is starting to make serious waves in the financial world – and investors are taking notice. Big players like Monzo, Starling, N26, Revolut, and EQIBank have recently completed massive funding rounds… Read More

July 17, 2019 @ 9:54 am By JD Alois  |  

Varo Money has been in operations for years now providing banking services in a digital only environment to a growing number of consumers. Like all other US-based aspiring digital banks, Varo has had to leverage regulatory arbitrage to provide its services by partnering with another… Read More

June 25, 2019 @ 2:46 pm By JD Alois  |  

Varo Money, one of a handful of US-based digital challenger banks seeking to receive a bank charter from the Office of Comptroller of the Currency (OCC), is shutting down its consumer lending division, according to a reliable source. Multiple employees are said to be looking… Read More

January 29, 2019 @ 12:01 pm By Samantha Hurst  |  

Digital-only challenger bank Varo Money announced on Tuesday it raised the Annual Percentage Yield (APY) on its FDIC-insured Varo Savings Account to 2.80% for customers whose Savings Account balance is $50,000 or less, and who have qualifying direct deposits and debit card purchases from their… Read More

December 24, 2018 @ 7:52 am By JD Alois  |  

Digital payment platform and online lender PayPal (NASDAQ: PYPL)  has selected Temenos (SIX: TEMN) to provide digital banking services. The announcement by Temenos was buried in a brief release last Friday. Temenos stated: “PayPal, Inc. has selected Temenos T24 Core Banking. The Temenos T24 banking platform will run… Read More