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Fintech banking sets a new course.

The Office of the Comptroller of the Currency has granted Varo Money preliminary approval to form a national bank, setting a course for what could become the nation’s first national all-mobile bank.

The fintech company, which was founded in 2015 and is based in San Francisco and Utah, offers all-mobile bank accounts through The Bancorp Bank, as well as personal loans and financial tools; it is also part of the Allpoint ATM network. The company was founded in 2015 and has raised more than $79 million in capital, it said.

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Tina Orem

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