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Mobile banking startup Varo is becoming a real bank

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Mobile banking startup Varo is becoming its own bank. The company announced on Friday it has been granted a national bank charter from the Office of the Comptroller of the Currency (OCC) and secured regulatory approvals from the FDIC and Federal Reserve to open Varo Bank, N.A. The news follows Varo’s recent close on an additional $241 million in Series D funding aimed at helped Varo transition its service to its own bank, as well as expand into new banking products and hire new staff across operations, marketing, risk, engineering, and communications.

Launched in 2017, Varo offers banking services aimed at younger consumers comfortable with doing all their banking online, without access to physical branches. The company competes with a range of mobile banking startups, including Chime, Current, Space, Cleo, N26, Empower Finance, Level, Step, Moven and many others.

Like most of its rivals, Varo offers an easily accessible bank account with no monthly fees or minimum balance, plus high-interest savings, and a modern mobile app experience. Despite its lack of brick-and-mortar branches, Varo customers can access their money through a network of more than 55,000 fee-free Allpoint ATMs worldwide.

Currently, Varo provides the front-end to customers’ banking services, but the actual accounts are held by The Bancorp Bank. These accounts will transition to Varo Bank over time.

Varo notes it’s the first U.S. consumer fintech to be granted a banking charter. But others may soon follow. In March, Square said it received approval from the FDIC to conduct deposit insurance so it could open its own bank, Square Financial Services Inc. SoFi in July also filed an application with regulators to create SoFit Bank, in order to expand into new products.

That’s Varo’s plan, as well. The company says the banking charter will allow it to serve a broader set of customer needs, including “financial resiliency, affordable access to credit, and the easier management of volatile cash flows.” Or, more simply put, credit cards, loans and savings products.

These expanded offerings will be useful to customers amid the economic downturn drive by COVID-19 health. Already, Varo responded to the pandemic by offering early access to stimulus deposits, increasing deposit and ATM limits, and expanding tis partnerships with job platforms to help customers find work.

“This is a thrilling milestone for Varo, as the bank charter has been a core part of Varo’s disruptive vision from the very beginning,” said Varo Bank founder and CEO Colin Walsh, in statement. “2020 has been challenging for many of us across the country and has highlighted, once again, how the traditional financial system is not meeting the needs of hardworking, everyday Americans. The ability to operate as a full-service national bank gives Varo more freedom to deliver the kind of innovation and allyship that many Americans have never had from their bank before. We are excited to lead a new wave of financial inclusion by offering fair, transparent, intelligent, and comprehensive financial services to all,” he added.

Source : TechCrunch Read More

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Charge Your Phone Wirelessly With 50% off a Multifunctional LED Lamp

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Best Tech DealsBest Tech DealsThe best tech deals from around the web, updated daily.

White Wireless Charge Lamp | $18 | Amazon | Clip coupon + code ABC88699
Black Wireless Charger Lamp | $20 | Amazon | Promo code ABC88699

When you’re ready to turn in for the night, you don’t want to forget to charge your phone— especially if your mobile device doubles as your alarm clock.

With this wireless charger lamp, you can make this crucial step of your nightly routine even easier by just setting your phone on the wireless charging pad and… well, that’s all there is to it!

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Other functions include multiple lighting modes as well as a sleep timer option for auto shut-off of the light after 30 or 60 minutes.

This lamp can be yours in white for $18 if you clip the coupon on Amazon (it’s below the original $40 price) and add promo code ABC88699 at checkout.

You can snag the black version for $20 using the same code—no coupon though, sorry.

Don’t sleep on this deal! Who knows how long stock or the coupon code will last?

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Keep That Hotdish Hot With 65% Off a Luncia Casserole Carrier, Only $11 With Promo Code

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Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Luncia Double-Decker Dish Carrier | $11 | Amazon | Promo code SDDU9S7F

It has been a long time since the days we could safely have a potluck or other gatherings, but we have a fantastic deal perfect for once those times return. These double-decker Luncia dish carriers can be had for 65% off when you add promo code SDDU9S7F at checkout and clip the coupon on the site (it’s just below the price). These holders fit 9″x 13″ sized baking dishes.

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That means you can insulate and keep two dishes of food warm for only $11 instead of $30. What’s more, your Luncia carrier will arrive by Christmas if you order today as a Prime member.

Just add promo code SDDU9S7F and clip the 5% off coupon to bring the price down to $11 for the blue or the grey option.

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Grab this offer while it’s still around!


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Conquer Your Pup’s Dander and Fur With $700 Off a Cobalt or Charcoal Bobsweep PetHair Plus Robot Vacuum

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Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Bobsweep PetHair Plus Robot Vacuum & Mop (Cobalt) | $200 | Best Buy

Bobsweep PetHair Plus Robot Vacuum & Mop (Charcoal) | $200 | Best Buy

Allergies can be bad enough as the seasons change. Don’t let pet hair and dander add to that by vacuuming it up early and often. That chore is easier said than done— unless you have a robot vacuum to do the work for you. This lovely bright cobalt Bobsweep PetHair Plus robot vacuum and mop, only $200 today at Best Buy seems like an ideal option. That’s a whopping $700 off, by the way.

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You can get the same deal for the charcoal version of the robot vac, too. This model is not only specially made for picking up pet hair, it self docks and charges when it’s finished with the work.

It also comes with a mop attachment, so it can take care of those kitchen floors for you as well. Grab it while it’s still available for this fantastic price!

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