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Varo Achieves Milestone As First Consumer FinTech To Get National Charter

PYMNTS

Colin Walsh got lots of laughs five years ago when he talked of his intention to launch a financial technology (FinTech) startup. the San Francisco-based online bank, had the last laugh. Varo is the first consumer FinTech to receive a new national bank charter from the U.S. OCC is an independent bureau of the U.S.

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This week’s podcast episode: Using financial technology to improve consumers’ financial health, a conversation with special guest Leigh Phillips, President and CEO of SaverLife and Chair of the CFPB’s Consumer Advisory Board (CAB)

CFPB Monitor

SaverLife is a national non-profit sponsored by some of the nation’s leading financial institutions that uses financial technology to improve the financial health of low- to-moderate income consumers by incentivizing savings through prizes, rewards, expert resources, and gameplay.

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Czech Banks To Invest $260M Into National Development Fund

PYMNTS

Czech Prime Minister Andrej Babis has proposed a national development fund to help invest in social issues, digitization of the economy, education and transportation, according to a report by Reuters. million) to put into the fund. The association said the fund should be independent and fully professional. .

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Where In the World Is Fintech Innovation?

Bank Innovation

It turns out nations beyond America today are increasingly generating more significant financial technology innovation, especially in artificial intelligence. Location matters. Even in fintech. Canada is an example.

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24 Big European Banks Take On Visa, Mastercard With Their Own Payment System

PYMNTS

PEPSI promises to rival not only the two credit card giants, but also other financial technology companies including Google , Apple , Alipay and WeChat Pay. . A so-called “scheme manager” will be the central governing body, the online news service reported.

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SoFi Sees Investor Accounts Double Thanks To Fractional Shares

PYMNTS

The coronavirus-driven market downturn has prompted investing by younger people who see it as an opportunity, the report said, noting a number of other online brokers have also seen an increase in new investor accounts this year. Since then, it has expanded its financial products to offer personal and mortgage loans.

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SoFi Deals Point To Question: ‘Just What’s a Bank?’

PYMNTS

To that end, earlier this month FinTech firm SoFi made the leap beyond San Francisco to Hong Kong, having bought online brokerage firm 8 Securities. The financial terms of the deal were not disclosed. But the expansion, giving rise to the new SoFi Invest will offer “automated investing” and financial education. As many as 34.2