Is Varo Money the same as Varo Bank?

Varo Money, Inc. started as a financial technology company that provided mobile banking services through the Varo Money app, aiming to help users manage their finances and banking in a more accessible way. As of October 1, 2020, Varo Money made history by becoming the first all-digital consumer bank in the United States with the launch of Varo Bank, N.A. This transition marked a significant milestone as it received approval from the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), allowing it to function as a national bank. So, while Varo Money was the initial entity offering fintech services, Varo Bank is its evolution and operates as a full-service digital bank.