Digital bank Varo Money has made the decision to shut down their consumer lending division; Business Insider reports “With the exit of several lenders in the past few years due to credit quality and regulatory pressure, Varo Money has decided to restructure their business and focusing on their core banking technology and shedding their personal lending division for the time being,” said the insider.; the company is focused on gaining full approval for their banking charter application, they received preliminary approval in September; Varo would be the first fintech to gain a full charter, especially important as competition in the market is heating up with European players soon entering the U.S. market. Source.
