Varo Bank

Varo Bank is a U.S.-based neobank and fintech company that provides fully digital banking services. As one of the first consumer fintech companies to receive a national bank charter in the United States, Varo enables users to manage their finances entirely through a mobile app without traditional banking fees.

Mission and Vision

Varo’s mission is to improve the financial health of its customers by offering accessible, transparent, and innovative banking services. Its vision is to create a banking experience that is simple, fair, and empowering for everyone, especially underserved communities.

Products and Services

Varo Checking Account: Fee-free digital checking with early direct deposit.
Varo Savings Account: High-yield savings accounts with automated savings features.
Varo Credit Card: Offers responsible credit-building opportunities.
Overdraft Protection: Fee-free overdraft up to a set limit for eligible customers.
Varo App Features: Budgeting, instant transaction alerts, and goal-setting tools.
Financial Education: Resources and tools to promote financial literacy and responsible banking.

Growth and Innovation

Founded in 2015, Varo quickly became a leader among mobile-first banking startups. In 2020, it received approval from the Office of the Comptroller of the Currency (OCC) for a national bank charter, making it the first U.S. neobank with full banking capabilities.

Global Impact

Varo has provided millions of Americans with access to banking services that were previously difficult to obtain, especially for unbanked or underbanked populations. Its mobile-first approach and transparent fee structure have influenced other fintechs to focus on user-centric banking solutions.