Varo Money Officially Secures National Bank Charter
After three long years and more than 5,000 pages of paperwork Varo Money has officially secured a national bank charter; CEO Colin Walsh and Brian Brooks, the Acting Comptroller of the Currency, will participate in a signing ceremony at Varo’s offices in San Francisco at 10 a.m. Pacific time on Friday; “It’s a historic thing,” Walsh said to American Banker. “We’re excited to be the trailblazer.”; Varo will have to buy its customers’ accounts from their bank partner, The Bancorp Bank, and can move the accounts into their core system which is powered by Temenos T24; the firm can now offer various credit products like short term loans, credit card and mortgages; “We are our own bank. We can control our destiny, we can control our identity,” Walsh said. American Banker.