The German challenger bank said that its "several hundred thousand" customers in the U.K. have until April 15 to withdraw money or transfer it to another account.
It was Varo's second try with the Federal Deposit Insurance Corp., but it has now moved within a few steps of obtaining what has eluded fintech firms of late: a green light from banking regulators.
It was Varo's second try with the Federal Deposit Insurance Corp., but it has now moved within a few steps of obtaining what has eluded fintech firms of late: a green light from banking regulators.
The digital-only bank found customers are anxious about their inability to set aside money, so it decided to offer automated savings tools, consumer chief Diane Morais says. It is one of the larger companies to do so.
Greg Seibly guided Sterling through the financial crisis before engineering its sale to Umpqua Holdings in 2014. He is currently CEO of the Federal Home Loan Bank of San Francisco.
A new report from J.D. Power found that younger consumers increasingly believe the largest banks are better than regionals at providing financial guidance through digital channels.
