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Varo Bank | Company Profile

Company Directory for Varo Bank

Team Bitscale

— 1 min read

Varo Bank

Overview

Varo Bank is a digital bank based in Salt Lake City, Utah, founded in 2015. It was the first fintech company to receive a full national bank charter from the Office of the Comptroller of the Currency in 2020. Varo focuses on providing fee-free mobile banking services to underserved consumers, including the unbanked, underbanked, and millennials with credit scores above 600. The bank aims to improve financial inclusion and lives through its comprehensive suite of digital banking tools.

The institution offers high-yield savings accounts, direct deposits, debit cards, and budgeting tools through its mobile app, along with lending options as alternatives to payday loans. By late 2021, Varo had served over 4 million accounts and targeted up to 180 million potentially underserved Americans. Varo leverages modern technology and efficient operations to maintain lower customer service costs compared to traditional banks.

Basic Information

Industry banking
Founded 2015
Revenue 167.6M
Headquarters 555 Montgomery Street, San Francisco, California, United States, 94111
Alexa Ranking 133402

Contact Details

Key Focus Areas & Initiatives

  • Mobile banking
  • User interface innovation
  • Financial services and technology
  • Risk management
  • Design research
  • Customer experience
  • Digital banking and financial inclusion
  • FDIC insured banking
  • Secure digital banking
  • Credit-building products and financial empowerment tools
  • Fee-free cash deposits and ATMs
  • Cashback rewards and high-yield savings accounts
  • Cloud infrastructure
  • Financial management tools
  • Retail banking solutions
  • Cash advances and early paycheck access
  • Banking for millennials
  • Auto-savings automation
  • Banking independence for underserved communities
  • Mobile payments and mobile-first banking
  • Fee transparency and no hidden fees
  • Innovative fintech solutions
  • B2C and B2B services
  • Short-term loans and credit options
  • Open banking APIs
  • Cloud-based banking platforms
  • Information technology & services
  • Regulatory compliant banking
  • Financial literacy initiatives
  • Personal finance management
  • Banking without physical branches

Technologies Used

  • AI
  • Atlassian Cloud
  • CloudFlare
  • CloudFlare CDN
  • CloudFlare Hosting
  • Gmail
  • Google Analytics
  • Google Apps
  • Google Play
  • Microsoft Office 365
  • Mobile Friendly
  • Pantheon
  • Remote
  • Route 53
  • Segment.io
  • The Trade Desk
  • Zendesk

Affiliated Organizations & Regional Branches

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