# Varo Bank

> Varo is a US digital consumer bank offering a bank account, savings, a secured credit-building card, cash advances and installment borrowing through one mobile app. Its own national bank charter lets it hold insured deposits and lend directly, with a focus on everyday Americans underserved by conventional banking.

- **Founded:** 2015
- **Headquarters:** San Francisco, United States
- **Founders:** Colin Walsh (Co-founder and former CEO), Assaf Guery (Co-founder; founding Chief Design Officer), Roger Van Duinen (Co-founder; founding Chief Data Officer), Mykola Klymenko (Co-founder; founding Chief Technology Officer)
- **Products:** Varo Bank Account, Varo Savings Account, Varo Advance, Varo Visa Believe Card, Varo to Anyone
- **Notable:** Received an OCC national bank charter on July 31, 2020, the first fintech to receive one through the de novo process., Ranked No. 7 on the 2021 Inc. 5000, according to the company’s contemporaneous release., Named Celent Model Bank of the Year in 2021.

## Products & services

- **Varo Bank Account** — Mobile consumer account with no monthly maintenance, minimum-balance or overdraft fees; Visa debit card, qualifying early direct deposit and access to over 40,000 fee-free US Allpoint ATMs. Optional services can carry fees.
- **Varo Savings Account** — 1.00% base APY; qualifying customers can earn 3.75% APY on the first $5,000 in the following month after at least $800 in qualifying monthly direct deposits and positive month-end balances in all Varo accounts. Rates variable; terms checked October 27, 2026. Includes Save Your Pay and Save Your Change automation.
- **Varo Advance** — Eligible customers can initially borrow $20-$250, with limits potentially reaching $700 over time. Flat fees of $1.60-$100 depend on amount and deposits; no interest. Qualification and repayment history matter.
- **Varo Visa Believe Card** — Secured credit-building card funded with the customer’s own money; reports to the three major credit bureaus, with no interest or annual fee. Qualification applies.
- **Varo to Anyone** — App-based money transfers allowing Varo customers to send money to eligible recipients outside Varo.
- **Varo Line of Credit** — Qualification-based $600-$2,000 installment borrowing with $60-$400 flat fees and terms up to 12 months. Only one advance at a time; no interest or late fees.
- **Fee-free CVS cash deposits** — Cash deposits at eligible standalone US CVS stores through Green Dot; location exclusions and transaction limits apply.
- **Cashback** — Activate eligible local offers in the app and pay with the Varo debit or Believe card to earn cashback.

## Achievements

- Received an OCC national bank charter on July 31, 2020, the first fintech to receive one through the de novo process.
- Ranked No. 7 on the 2021 Inc. 5000, according to the company’s contemporaneous release.
- Named Celent Model Bank of the Year in 2021.
- Reported $547 million in lending volume across Advance and Line of Credit during 2025.

## Latest updates

- **2026-02** — Announced $123.9 million Series G co-led by Warburg Pincus and Coliseum; Alice Milligan and Kevin Watters joined the board.
- **2026-07** — Appointed former JPMorgan Chase finance executive Sean Kelley CFO on July 21.
- **2026-08** — Announced the Kroger-family fee-free cash-add pilot, with a stated August 18 end date.
- **2026-10** — Savings disclosures dated October 5 list 1.00% base APY and 3.75% on up to $5,000 for qualifying customers; rates are variable.

## Links

- Website: https://www.varomoney.com/
- LinkedIn: https://www.linkedin.com/company/varobank/
- Twitter/X: https://twitter.com/varobank
- YouTube: https://www.youtube.com/varomoney/
- Instagram: https://www.instagram.com/varobank/
- Facebook: https://www.facebook.com/varomoney/
- TikTok: https://www.tiktok.com/@varobank

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Profile page: https://yespress.io/varo-bank
Published by YesPress — https://yespress.io
Last updated: 2026-10-27