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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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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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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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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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Varo’s bank charter process a test for consumer banking startups

Bank Innovation

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.

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Why The Bank-FinTech Relationship Is More Complicated Than Conflicted

PYMNTS

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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Breaches, Beginnings And A Buying Spree

PYMNTS

Macy’s is, of course, just the latest retailer in a long string to be hit with such a breach. In April, retailer Hudson’s Bay disclosed that customers at Saks and Lord & Taylor stores in North America have had their payment cards compromised. Citizens Rolls Out Digital Bank.

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