[Varo Money in The Financial Brand] U.S. Challenger Banks Turn Up the Heat on Incumbents

But success spawns imitators and now one of Varo’s fintech competitors, SoFi, in July filed for an application for a national charter, stating in its application that it needed to reduce complexity in its business model and bring down its funding costs. “A national bank charter could allow SoFi to have more competitive pricing and offer more products, specifically in regard to deposits,” according to Business Insider, which first reported the application.

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