FinTech ‘Varo Bank’ Gains Banking Licence
(18 September 2020 – United States) A national Financial Technology (FinTech) company has recently become the first in the United States to gain a national banking licence - Varo Bank.
The group plans to move operations onto Temenos’ cloud banking platform which will enable the bank to gain greater control over its technology and reduce costs. It also plans to disrupt the market through its ‘zero-fees’ banking model to gain customers that have been traditionally served by the larger banks.
“This gives us control and scale and less reliance on a third-party solution. Temenos is totally integrated with our technology stack and gives us the integration and scale we wanted to achieve” commented Varo Bank Chief Technology Officer, Deep Varma.