Varo is a mobile only neobank that helps customers cover their expenses, pay their bills, and build their wealth over time.
Varo is on a mission to make financial inclusion and opportunity a reality for all - by empowering people with the products and support they need to create healthy financial habits and be in control of their finances.
Varo was founded in 2015 by Colin Walsh and Kolya Klymenko. The company is headquartered in San Francisco, California, with an office in Draper, Utah.
Varo offers customers premium bank accounts that have no minimum balance requirement or monthly account fee, high-interest savings accounts, and tech-first features to help people save and manage their money effortlessly.
Varo was created to make a measurable impact on financial inequality and address issues of access, fairness, and fees that have often had a discriminatory legacy. Varo has been designed from the outset to deliver premium, affordable banking services to all Americans.
Varo recently launched Varo Advance**, a short term cash advance line of credit that allows qualifying customers to access up to $100 as needed right in the Varo Bank app. Varo remains fee-free through March 2021 due to the ongoing effects of the COVID-19 pandemic.
Varo is the first consumer fintech to be granted a national bank charter by the Office of the Comptroller of the Currency. The company provides financial services through its mobile app and currently has 1 million customers.
Varo is backed by Warburg Pincus, TPG's The Rise Fund, Russell Westbrook Enterprises, Gallatin Point Capital, HarbourVest Partners, Progressive Insurance and others. The company raised $63M in a new round on Feb 2021. This brings Varo's total funding to $482.4M to date.