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Varo: The First Nationally Chartered Fintech Bank
Until recently, fintech firms have usually partnered with traditional banks to provide banking services as opposed to going through the lengthy and costly process of getting their own bank charters.
Breaking away from that model, Varo Money became the first challenger bank to receive a national bank charter. The national charter from the Office of the Comptroller of the Currency (OCC) was the first ever granted to a fintech company, allowing Varo to offer credit cards, make loans and generate insured deposits nationally.
We caught up with Colin Walsh, founder and CEO of Varo Money, Inc…
The skinny
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