Digital banking app Varo Money announced a significant expansion to its digital banking app.
Varo is building an all-in-one solution with “frictionless, integrated and automated” deposit, budgeting, savings and lending products that help customers bank with ease and achieve better financial outcomes.
The San Francisco-based fintech company raised $34 million with an early funding round led by Warburg Pincus in May 2016.
Currently, bank accounts for Varo Money are provided by The Bancorp Bank.
In July, Vero Money applied to the Office of the Comptroller of the Currency for a national bank charter and to the Federal Deposit Insurance Corp. for federal deposit insurance to form Varo Bank N.A.
Varo Bank N.A. seeks to be the first national bank “designed for people who want to bank on their smartphones.”