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Varo files FDIC application, announces $100m Series C funding

Bank Innovation

Varo Money, the 4-year-old digital banking startup with 750,000 users and $600 million in deposits, has applied for a banking license with the Federal Deposit Insurance Corporation (FDIC) this week. The company confirmed this development as part of a $100 million Series C fundraising round announced on Tuesday.

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Citizens Debuts Digital Bank

PYMNTS

Citizens Financial Group announced the launch of its nationwide, direct-to-consumer digital bank. Citizens Access safely and securely offers Member FDIC-insured online savings and CD accounts with attractive rates and no fees to customers across the United States.

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BBVA On Google, Digital Banking And The Rise Of The ‘Everyday App’

PYMNTS

When the story of the coronavirus is written, when it comes to financial services, the key chapters will focus on the pace at which innovation accelerated — and where a range of players came together to create ecosystems, rather than to simply compete in zero-sum, winner-take-all bids for consumers.

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Grasshopper Bank advances inclusion, stamps out ‘pattern matching’

Bank Innovation

New York City-based Grasshopper Bank is geared toward startups, with a focus on pain points for founders. Grasshopper opened in May 2019 after securing FDIC and OCC approval, a rare distinction for a digital-only bank.

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SMB lender OnDeck ‘actively pursuing’ bank charter

Bank Innovation

On the heels of digital banking startup Varo Money applying for a banking license with the Federal Deposit Insurance Corporation (FDIC) earlier this month, another fintech firm with its toes in charter waters seems poised to jump in.

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How Banks Can Tap Trust As Their Foundation For Innovation

PYMNTS

LendingClub, on the other hand, started life as a FinTech, but will become a bank after buying one earlier this year. Square also made the jump into officially becoming a bank this week, with the award of an ILC banking license by the FDIC. But the FinTechs, Baird noted, are adapting and innovating around that issue.

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S&P: US banks relying less on big-box stores to house branch locations

Bank Innovation

The growth of mobile and digital banking is driving in-store branch numbers down. In-store branches are satellite bank branches located inside large retail spaces, such as supermarkets or chains like Walmart and Safeway. since June 30, 2019, and 6.5% since June 30, 2018, S&P Global Market Intelligence reported.?

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