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Wall Street Journal

Silicon Valley is investing in a startup that seeks an old-fashioned bank charter. Yes, you read that correctly. Warburg Pincus, which has plenty of experience investing in community banks, is leading an investment round in Varo Money, which is developing a mobile-banking app. Varo, led by former American Express and Wells Fargo veteran Colin Walsh, will partner with banks at first but may eventually seek its own charter, so it can accept deposits...