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Varo Money taking on Moven accounts after consumer-biz funding ends

Varo Money Inc., a San Francisco-based digital bank, is taking on the consumer accounts of fintech Moven, which announced last month it would shut its consumer banking app due to COVID-19 related funding woes. 

Moven, which announced plans to shut its consumer business on March 24 after funding fell through due to the coronavirus impact on business, is advising users to move to a Varo account. Moven will continue forward with its enterprise business, according to a press release.

"Moven has been a pioneer in the digital banking space and a long-time inspiration," Colin Walsh, CEO of Varo, said the release. "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."

Varo charges no monthly or minimum balance requirements, allows customers access to payroll deposits two days early and has no fee overdrafts up to $50. Customers can also access 55,000 Allpoint ATMs across the country.

"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," Mark Forysiak, CEO of Moven, said in the release.