Money Makers Mentor

Varo Bank Becomes First U.S. Fintech to Receive National Charter

Varo Bank, N.A. made history on July 31, when it became the first digital banking app to receive a national charter from the Office of the Comptroller of the Currency.

Brian P. Brooks, Acting Comptroller of the Currency, said in a press release that granting the Varo Bank national charter, “marks an evolution in banking and a new generation of banks, born from innovation and built on technology intended to empower consumers and businesses.”

This charter opens up a new world of possibilities for Varo Bank. It can provide lending opportunities, affordable access to credit and management of cash flows to their clients.

“This is a thrilling milestone for Varo,” Varo Bank CEO and founder Colin Walsh said. “The bank charter has been a core part of Varo’s disruptive vision from the v…

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