Varo Bank, an all-digital, nationally chartered U.S. consumer techbank, has teamed up with Zelle, a developer of payment and risk management solutions.
Through the deal, Varo will become the first techbank that offers Zelle in its app without needing to partner with a bank. Eligible Varo customers can now use Zelle as a fast, free and secure way to send and receive money between people they know and trust with a checking or savings account.
This addition of Zelle opens the door for the 90 million people in the US that are supporting the growth of digital banking, Varo claimed.
Speaking about the implementation, Varo Bank founder and CEO Colin Walsh said, “Adding Zelle® to our product lineup is our bank charter in action. We are excited to welcome millions of Americans to access Varo’s full range of benefits on our modern, secure, digital banking platform that now includes the ability to quickly send and receive money.”
Varo is on a mission to reimagine the modern banking experience through a variety of digital financial services. Offerings include a secure card to help build credit, a savings account with high APYs and many other mobile banking services.
Its services boast no credit checks, no minimum balance, no monthly fees and no overdraft fees.
Kash Baghaei – chief product officer of Early Warning Services, which is the network operator of Zelle – said, “Today, more than 150 million people have access to Zelle® directly through their banking app with no additional downloads necessary,”
“Varo Bank customers will now have a way to send money to friends, family and others they trust, whether they need to pay back a friend for dinner, split the cost of rent with a roommate, or pitch in for a group gift.”
In other WealthTech news, Australia-based Wagepay raised $10m in funding. The company provides employees with early access to a portion of their earned wages.
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