Hello, we’re Varo.

We are proud to be the first fintech to become a nationally FDIC-insured bank—giving all hardworking Americans a better way to power their progress.

Our story

We’re a new kind of bank—all digital, zero surprise fees,¹ and we put money in your pocket when you need it. We launched in 2017 with the vision of creating a digital bank for all—partnering with our customers to provide products and services designed to support their financial progress.

When you bank, borrow, build credit, and save with Varo, you can get your paycheck up to two days early with direct deposit.² Get cash advances and loans in minutes with Varo Advance³ and Varo Line of Credit.⁴ And you can build your credit through our Varo Visa® Believe Card⁵ and save with one of the nation’s highest high-yield savings accounts.⁶

And unlike banking apps, we don’t rely on partner banks you’ve never heard of to hold your money. When you deposit money at Varo, your money is FDIC-insured up to $250,000 with us. We believe that banking shouldn’t cost a thing, and that’s why we never charge monthly fees, minimum balance fees, or overdraft fees. Because banking is better when it works for you, not the other way around.

Our mission is to make financial inclusion and opportunity a reality for all.

Our leadership

“Everything we do ties back to that mission of helping customers find financial resilience.”

Gavin Michael, CEO

Tracy H.⁷

“Varo has helped me make progress in my money goals.”

Daniella C.⁷

“I feel like I have a better relationship with money now.”

Deng B.⁷

“It’s a really good bank. I’ll say, it’s a great partner too.”

Our progress

2015

FOUNDING

We were founded in 2015 in San Francisco, California by Colin Walsh. After spending many years working in the financial sector, Walsh wanted to create a digital platform that would advance financial inclusion and economic opportunity for all.

2017

APP RELEASE

We released the Varo app, allowing customers to make direct deposits, get a debit card, and pay bills online. Accounts were opened in partnership with The Bancorp Bank.

2020

BANK CHARTER

The Office of the Comptroller of the Currency (OCC) granted a de novo banking charter for Varo, making us the first fintech company to receive a national bank charter in the United States. Now, Varo is personally FDIC-insured up to $250,000.

2020

VARO ADVANCE

We introduced Varo Advance—giving everyday Americans a more accessible way to borrow cash when they need it. The advance offers one flat fee, no interest, easy repayment, and it’s instantly funded once approved.

2021

VARO BELIEVE

We rolled out the Varo Believe Credit Builder Card to customers. The card provides a safe, easy, and fee-free way to help everyone build credit with their own money. On average, customers see a 40+ point increase in their credit score after 3 months of on-time payments.⁸

2022

A BANK FOR ALL OF US

We launched the “A bank for all of us” campaign—anchored in the company’s purpose for financial inclusion and opportunity. The campaign illustrates how financial stability should be for everyone by putting every day American faces on $20 bills.

2023

VARO TO ANYONE

We introduced a fast, free, and secure way to send money to anyone with Varo to Anyone. The new feature gives customers the ability to transfer funds, no matter where they bank or what banking app they use.

2024

VARO LINE OF CREDIT

We brought Varo Line of Credit to market, giving customers a simple and transparent way to borrow up to $600-$2,000 without hidden fees or complicated terms.

2024