Moven customers to transition to Varo
San Francisco-based mobile banking startup Varo Money is taking on the customers of Moven, which recently decided to shut down its direct-to-consumer offering.
Last month, after taking a coronavirus-related funding hit, Moven said it would end its US consumer offering and concentrate solely on selling its technology to banks.
The company will close all of its consumer accounts by 30 April but has now struck a deal to transition customers to Varo. The number of customers has not been given.
Varo, which is on the verge of becoming the first mobile player to get a national bank charter, is also in talks about using some of Moven’s technology.
Colin Walsh, CEO, Varo, says: “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.
“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.”
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