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Fintech Varo Wins FDIC Approval To Take Deposits

Fintech startup Varo Cash introduced it has acquired acceptance from the Federal Deposit Insurance plan Corp. to acquire deposit insurance and choose buyer deposits straight alternatively than relying on a partner.

In a statement, the organization mentioned the acceptance was, “a sizeable action in [its] software system for a countrywide bank constitution.”

Varo was granted preliminary acceptance by the Business office of the Comptroller of the Currency to form a de novo countrywide bank in 2018 and has been in the software system for three years.

Fintech firms normally partner with community banking institutions that hold buyer money alternatively of

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