5 Questions for Colin Walsh, CEO of Varo Money
The payments company Square (NYSE: SQ) is looking to disrupt more than just the payments space. On Thursday, it submitted an application with bank regulators to obtain a charter for an industrial loan company, which is essentially a bank that's owned by a nonbank company.
The move raises a host of questions for banks, which have long been insulated from outside competition by the chartering process. Assuming Square's charter is granted, the move seems to portend an acceleration in the pace of disruption that the financial services industry is already experiencing.
To get a better sense of the role that charters play in the minds of fintech leaders, I spoke with Colin Walsh, co-founder and CEO of Varo Money, a mobile banking company that applied for a bank charter in July. What follows are portions of our conversation, edited for organization and flow.
Source: Fool.com