Varo
Varo (Varo Bank, N.A.) is an American neobank founded in 2015. It was among the first US fintechs to obtain a full national bank charter, allowing it to take deposits directly rather than rely solely on partner banks.1
History
Varo began as a fintech front end and pursued a national bank charter, which it received in 2020. The charter differentiated it from larger US peers that remained partner-bank models.
Founders
Colin Walsh is the founder of Varo (Varo Bank, N.A.) and a leading figure in U.S. licensed digital banking. A career consumer banker, Walsh founded Varo in San Francisco in 2015 with a mission of financial inclusion—no monthly fees, early direct deposit and tools for building savings and credit. He steered Varo through the OCC national-bank charter process, making it one of the first U.S. consumer fintechs to take deposits directly as a chartered bank rather than remaining indefinitely on a partner-bank model. Walsh has served as founder, CEO and board director as Varo scaled mobile checking, high-yield savings and small-dollar advances.
National bank charter
Varo Bank, N.A. was among the first U.S. consumer fintechs to receive a full OCC national bank charter (2020), allowing direct deposit-taking and FDIC insurance without a permanent partner-bank front-end model. That licence is central to Varo's positioning versus Chime and Current.
Reception
Varo is frequently discussed in policy and fintech circles as a test case for fintechs seeking bank charters. Supporters highlight inclusion and fee transparency; challenges include competing for deposits and marketing spend against better-funded partner-bank rivals.
Products
Varo offers checking and high-yield savings accounts, early direct deposit, credit-builder tools and small-dollar advances. Accounts are FDIC-insured through Varo Bank.
References
- Varo Bank, N.A. received conditional and then full OCC approval to operate as a national bank. https://www.varomoney.com/about/
Frequently asked questions
- What is Varo?
- Varo is an American licensed neobank offering mobile checking, savings and credit-builder products.
- When was Varo founded?
- Varo was founded in 2015.
- Where is Varo headquartered?
- Varo is headquartered in San Francisco, U.S..
- Who founded Varo?
- Varo was founded by Colin Walsh.
- What type of company is Varo?
- Varo is described as Licensed neobank in its neobank.wiki profile.
See also
- Airwallex — Airwallex is an Australian-founded business fintech for global accounts, payments and spend management.
- Alex Johnson — Alex Johnson is the founder of Fintech Takes, a widely read fintech newsletter and podcast; he is active on X as @AlexH_Johnson.
- Alexandre Prot — Alexandre Prot is co-founder and CEO of Qonto, the Paris-based European business neobank.
- Ali Niknam — Ali Niknam is founder and CEO of Bunq, the Amsterdam-based licensed Dutch neobank.
- Ally Bank — Ally Bank is a large U.S. online bank offering deposits, loans and investment products without branches.