Varo Money Inc. may be on its way to becoming the first full-service all-mobile bank in the U.S. It provides tools that let users monitor their spending and save for special purposes. It is similar to offerings from Simple and Moven which also offer advice on how much is safe to spend by using AI and machine learning to understand a customer’s income and regular payments, like rent. Like them it has worked through a partner bank.
Unlike them, it has applied for its own banking charter; in September 2018 it announced a preliminary approval from the Office of the Comptroller of the Currency (OCC) of its application to become a national bank. (more…)