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.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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