Varo Money is on a Mission to Lower The Cost of Banking
Technology-driven platforms are helping people take better financial control of their lives. Customers who want the experience of private banking, without the high costs, now have an excellent opportunity: Varo Money. The mobile banking fintech company, which recently filed for a national bank charter, is changing the future of banking with their mobile app: a frictionless bank account that also helps consumers do more with their money. This simpler, intuitive and more cost-effective banking product empowers users to have more control and to spend less on banking fees. Major investors see a great opportunity as well: Varo just raised $45 million in Series B funding from The Rise Fund and Warburg Pincus (which led their Series A financing). When this round of financing closes, Varo will have raised more than $78 million in less than two years.
Varo Money offers consumers all the banking features one expects from traditional banking such as mobile check deposit, free ATMs, bill pay and a Visa Debit Card with EMV chip. Customers will also receive better banking perks like early direct deposit (get paid up to two days early), and a savings account with real interest (0.50% APY).
Varo Money is designed to help customers get more out of their money. The app integrates basic banking products (deposits, savings and lending) with financial health tools (cash flow projections, spend tracking and smart alerts). This financial solution ensures that customers receive the benefits of personalized banking and improve their financial health, all at a lower cost.
With Varo’s mobile, no-fee bank account, customers can will get more and spend less. The Sharks definitely approve!