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...