Varo Moves Closer to Becoming a Bank

Financial-technology startup Varo Money Inc. said Monday it has received regulatory approval to use federal deposit insurance, a significant step in the fintech industry’s quest to take on traditional banks.

The approval from the Federal Deposit Insurance Corp. marks one of the few times the agency has given a fintech firm the ability to provide insured deposits. Banks have strongly opposed the fintech industry’s moves to take on more of the characteristics of banks, including their applications for a regulatory charter, which...

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