American Banker sat down with Varo Money CEO Colin Walsh to talk about where the company stands in their quest to become a national bank; the company received approval from the OCC but is still awaiting word from the FDIC, though they have had productive meetings; the road has not been a straight one but Walsh believes they made the correct move and he is patient to stay the course; they hired two former staff members of the OCC and a new CTO, Deep Varma from Trulia; Opening a bank is not an overnight process, but I certainly feel really positive about the steps that are being taken to get there,” Walsh said to American Banker; the fintech helps provide a road for other fintechs to potentially follow, though right now the OCC fintech charter has garnered more attention than going the national bank route. Source.
