San Francisco-based Varo Money said Tuesday that it received preliminary approval from federal banking regulators to start Varo Bank, the nation’s first all-mobile national bank.
It’s a big step forward for both Varo and those that want banking to be more accessible and innovative. Getting approval to operate a national bank will allow Varo to do business in all 50 states vs. the state-by-state approval fintechs often undertake.
“This is an historic moment and marks the start of a new era…
