Varo Money

Neobanks pose latest threat to prepaid card issuer Green Dot


Earlier this decade, a boom in low-cost prepaid cards undercut the firm's business model. Now the fiercest competition is coming from venture capital-backed startups that offer accounts with no overdraft fees.


Challenger banks already had trust issues. Then came the service interruptions.


Outages last week at Chime and Varo Money have executives on the defensive.


Third-party glitch disrupts services of two popular challenger banks


The payment processor Galileo suffered what it described as an "operational incident" that caused more than 24 hours of outages at the fintechs Chime and Varo Money.


Small bank’s big digital goal: Launch 3 niche banks


Surety's first online bank, booyah, is aimed at college students and young grads.


Challenger banks insist they’re equal to the task of lending


MoneyLion and Varo say familiarity with existing customers — whom they already offer savings, investment and personal finance products — will help them make smart credit decisions.


Challenger banks apply pressure with fee cuts


Charging customers $40 for a $10 overdraft “makes no mathematical sense,” Chime CEO Chris Britt says in a critique of traditional banks.


Varo to offer limited overdraft protection to some customers


Its latest feature makes it one of several mobile-only challenger banks in the U.S. that do not charge overdraft fees of any kind.


Varo Money raises $100M, files deposit insurance application


The new funding comes as the challenger bank inches closer to gaining regulatory approval for a national bank charter.


Moven's Plan B after buyout bid stalls: Expansion into lending


The fintech is moving ahead with a loan service after regulatory concerns stymied its deal for an ailing bank.


Chime reports big user growth, but rival Varo questions numbers


The CEO of the digital-only bank Chime says it has quadrupled its membership in a year. So why doesn't his counterpart at Varo believe him?