Varo Bank

Varo Bank is a digital bank based in Salt Lake City, Utah, founded in 2015. It was the first fintech company to receive a full national bank charter from the Office of the Comptroller of the Currency in 2020. Varo focuses on providing fee-free mobile banking services to underserved consumers, including the unbanked, underbanked, and millennials with credit scores above 600. The bank aims to improve financial inclusion and lives through its comprehensive suite of digital banking tools. Varo offers high-yield savings accounts, direct deposits, debit cards, and budgeting tools through its mobile app. It also provides lending options as alternatives to payday loans. The bank has grown significantly, serving over 4 million accounts by late 2021 and targeting a market of 180 million potentially underserved Americans. Varo emphasizes modern technology and efficient operations, achieving lower customer service costs compared to traditional banks.