Banking Fintech News

Moven Recommends Varo to Assume Consumer Banking Accounts

Varo Raises $241 Million Series D as it Moves Closer to Being the First Fintech to Become a National Bank

Companies will partner on future innovation, as Moven transitions to enterprise-only focus, to help bring financial wellness opportunities to every American

Mobile banking company Varo Money, Inc. announced a partnership with financial technology innovator Moven to transition the latter’s consumer banking customers to Varo. Moven recently announced a strategic decision to promote its patented financial wellness technology to enterprise-level partners only. Moven will close all of its consumer accounts by April 30, 2020 and the two companies are currently working with customers to transition their accounts to Varo. Moven and Varo are exploring a continued partnership to leverage Moven’s technology as Varo expands its banking services following final approval of its national bank charter.

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“Moven has been a pioneer in the digital banking space and a long-time inspiration. We are excited to welcome their customers and deliver on the types of technology and features they have grown to love,” said Colin Walsh, CEO of Varo. “Amidst the beginning waves of consolidation and change in the fintech industry, Varo is focused on becoming the first and only digital bank with a national charter. This will allow us to provide a greater breadth of digital banking solutions that meet the needs of the way people live and work today.”

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Moven selected Varo as the recommended alternative for its personal digital banking customers because of a similar, mission-focused mindset to create banking solutions that foster financial wellness and help people live better lives. Moven customers will be able to take advantage of Varo digital banking features, including no minimum balances or monthly account fees; payments up to two days early with direct deposit; no fee overdraft up to $50; the ability to easily move money to friends and family both at home or abroad; access to more than 55,000 Allpoint ATMs across the country; and live customer support seven days a week.

Read More: Invoia Re-Brands, Focuses on Small Businesses With Recurring Revenue

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