SAN FRANCISCO, April 16, 2020 /PRNewswire/ -- Mobile banking company Varo Money, Inc. today announced a partnership with financial technology innovator Moven to transition the latter's consumer banking customers to Varo. Moven recently announced a strategic decision to promote its patented financial wellness technology to enterprise-level partners only. Moven will close all of its consumer accounts by April 30, 2020 and the two companies are currently working with customers to transition their accounts to Varo. Moven and Varo are exploring a continued partnership to leverage Moven's technology as Varo expands its banking services following final approval of its national bank charter.
"Moven has been a pioneer in the digital banking space and a long-time inspiration. We are excited to welcome their customers and deliver on the types of technology and features they have grown to love," said Colin Walsh, CEO of Varo. "Amidst the beginning waves of consolidation and change in the fintech industry, Varo is focused on becoming the first and only digital bank with a national charter. This will allow us to provide a greater breadth of digital banking solutions that meet the needs of the way people live and work today."
Moven selected Varo as the recommended alternative for its personal digital banking customers because of a similar, mission-focused mindset to create banking solutions that foster financial wellness and help people live better lives. Moven customers will be able to take advantage of Varo digital banking features, including no minimum balances or monthly account fees; payments up to two days early with direct deposit; no fee overdraft up to $50; the ability to easily move money to friends and family both at home or abroad; access to more than 55,000 Allpoint® ATMs across the country; and live customer support seven days a week.
"We care deeply about our Moven banking customers which is why we made the thoughtful decision, as we transition away from our consumer business, to recommend Varo for their banking needs," said Marek Forysiak, CEO of Moven. "We are excited to partner with Varo ahead of their official national charter. Our patented financial wellness technology aligns with Varo's efforts to help everyday Americans gain access to better financial insights and opportunities."
Varo Money, Inc. ("Varo") is on a mission to help people make progress with their financial lives. In one mobile app, Varo offers customers premium bank accounts that have no minimum balance requirement or monthly account fee, high-interest savings accounts, and tech-first features to help people save and manage their money more easily. As a fintech leader, Varo has been granted preliminary approval for a de novo national bank charter by the Office of the Comptroller of the Currency (OCC), and is working to become the first mobile-centric national bank in U.S. history. Varo Personal Loans are offered by Varo Money, Inc., under state licenses, subject to application approval. For more information, visit www.varomoney.com, like Varo on Facebook, and follow us on Instagram and Twitter @varomoney.
Bank account services provided by The Bancorp Bank; Member FDIC.
*To be eligible for No Fee Overdraft, customers must make at least 5 qualifying debit card purchases each calendar month; receive payroll or government direct deposits of at least $1,000 each calendar month into their Varo Bank Account or Savings Account; and opt-in to the program via the app on their mobile device.
**Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct Deposit and earlier availability of funds is subject to payer's support of the feature and timing of payer's funding.
About Movencorp, Inc.
Movencorp, Inc. is headquartered in NYC with dedicated employees around the globe. Movencorp leads innovation in AI/ML driven smart-banking technologies in order to drive financial wellness. Movencorp, Inc is the only company to have a U.S. patent for Financial Wellness, in addition to a Moven Oath which underscores our commitment to helping individuals around the globe achieve financial awareness.
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SOURCE Varo Money, Inc.