American mobile financial service provider Moven has recommended Varo Money to assume its consumer banking accounts as its transitions to serve enterprise-only partners.
Varo Money will assume Moven’s entire consumer banking division, which is scheduled to shut down by the end of this month.
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Moven decided to shutter its consumer business late last month due to Covid-19 related funding woes.
Moven has urged its users to transition to a Varo account.
Customers will not be required to maintain a minimum balance and pay monthly account fees after transitioning to Varo.
Customers can receive payments two days in advance using direct deposits and they can easily transfer money to friends and family at home or abroad.
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By GlobalDataThey will have access to over 55,000 Allpoint ATMs across the US and also get live customer support seven days a week.
Varo CEO Colin Walsh said: “We are excited to welcome Moven 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.”
Moven and Varo noted that will continue to work together in partnership.
Varo will leverage Moven’s technology to expand its offerings after it receives final approval of its national bank charter.
Moven CEO Marek Forysiak said: “We care deeply about our Moven banking customers which is why we made the thoughtful decision to recommend Varo for their banking needs.
“Our patented financial wellness technology aligns with Varo’s efforts to help everyday Americans gain access to better financial insights and opportunities.”
