Varo

Varo is an FDIC-insured digital bank with a national bank charter which it acquired in 2020, making it the first-ever nationally chartered all-digital U.S. consumer bank. The firm offers a full suite of banking services including checking and savings accounts, loans, debit and credit cards, budgeting tools like alerts, spending insights, and savings goals, designed to help customers manage their finances. Varo’s mission has been to provide an alternative to incumbent consumer banks which it thinks have an economic model and incentives that are misaligned with their customers. It focuses on serving consumers at a lower cost enabling essential services like fast and inexpensive payments, helping people build credit and get access to credit, and give consumers access to things that create a real sense of ownership.