# Varo

> Varo is an American licensed neobank offering mobile checking, savings and credit-builder products.

Source: https://www.neobank.wiki/wiki/varo
Last updated: 2026-08-11
Categories: Financial technology, United States neobanks, Licensed neobanks, Consumer neobanks, Companies founded in 2015

**Varo** (Varo Bank, N.A.) is an American [neobank](/wiki/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.[^varo1]

## 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](/wiki/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](/wiki/chime) and [Current](/wiki/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.

## Infobox

- **Type**: Private
- **Founded**: 2015
- **Founder**: Colin Walsh
- **Headquarters**: San Francisco, U.S.
- **Licence**: US national bank charter
- **Model**: Licensed neobank

## 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.


## References

[^varo1]: Varo Bank, N.A. received conditional and then full OCC approval to operate as a national bank. — https://www.varomoney.com/about/