Digital Banking FDIC Innovation Retail 
Bank Innovation
JULY 17, 2019
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.
Bank Innovation
FEBRUARY 12, 2020
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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PYMNTS
JULY 11, 2018
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.
Bank Innovation
JANUARY 26, 2020
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.
Celent Banking
FEBRUARY 26, 2015
Controversy around the wisdom (or not) of investing in the branch channel amidst rapidly growing digital banking adoption is showing no signs of letting up. Consider three articles published in the past week: Bank Innovation covering Associated Bank branch closures to fund digital channel initiatives.
Bank Innovation
FEBRUARY 11, 2020
This week, digital banking startup Varo received approval from the Federal Deposit Insurance Corporation, a significant milestone in the company’s three-year quest to become a bank.
PYMNTS
NOVEMBER 1, 2018
report: “The rise of digital innovators in financial services presents a significant threat to the traditional business models of retail banks.”. And that is a bank – one with FDIC insurance and safeguards that keep their money safe. 93 percent had a bank account.
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