Varo

Varo (Varo Bank, N.A.) is an American neobank founded in 2015. It was among the first US fintechs to obtain a full national bank charter, allowing it to take deposits directly rather than rely solely on partner banks.1

History

Varo began as a fintech front end and pursued a national bank charter, which it received in 2020. The charter differentiated it from larger US peers that remained partner-bank models.

Founders

Colin Walsh is the founder of Varo (Varo Bank, N.A.) and a leading figure in U.S. licensed digital banking. A career consumer banker, Walsh founded Varo in San Francisco in 2015 with a mission of financial inclusion—no monthly fees, early direct deposit and tools for building savings and credit. He steered Varo through the OCC national-bank charter process, making it one of the first U.S. consumer fintechs to take deposits directly as a chartered bank rather than remaining indefinitely on a partner-bank model. Walsh has served as founder, CEO and board director as Varo scaled mobile checking, high-yield savings and small-dollar advances.

National bank charter

Varo Bank, N.A. was among the first U.S. consumer fintechs to receive a full OCC national bank charter (2020), allowing direct deposit-taking and FDIC insurance without a permanent partner-bank front-end model. That licence is central to Varo's positioning versus Chime and Current.

Reception

Varo is frequently discussed in policy and fintech circles as a test case for fintechs seeking bank charters. Supporters highlight inclusion and fee transparency; challenges include competing for deposits and marketing spend against better-funded partner-bank rivals.

Products

Varo offers checking and high-yield savings accounts, early direct deposit, credit-builder tools and small-dollar advances. Accounts are FDIC-insured through Varo Bank.

References

  1. Varo Bank, N.A. received conditional and then full OCC approval to operate as a national bank. https://www.varomoney.com/about/

Frequently asked questions

What is Varo?
Varo is an American licensed neobank offering mobile checking, savings and credit-builder products.
When was Varo founded?
Varo was founded in 2015.
Where is Varo headquartered?
Varo is headquartered in San Francisco, U.S..
Who founded Varo?
Varo was founded by Colin Walsh.
What type of company is Varo?
Varo is described as Licensed neobank in its neobank.wiki profile.

See also

  • AirwallexAirwallex is an Australian-founded business fintech for global accounts, payments and spend management.
  • Alex JohnsonAlex Johnson is the founder of Fintech Takes, a widely read fintech newsletter and podcast; he is active on X as @AlexH_Johnson.
  • Alexandre ProtAlexandre Prot is co-founder and CEO of Qonto, the Paris-based European business neobank.
  • Ali NiknamAli Niknam is founder and CEO of Bunq, the Amsterdam-based licensed Dutch neobank.
  • Ally BankAlly Bank is a large U.S. online bank offering deposits, loans and investment products without branches.
Published Last updated By neobank.wiki contributorsMarkdown for AIllms.txt
Varo — neobank.wiki