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Varo

Fee-free online banking platform

501-1000 employees
  • B2C
  • Banking
  • Financial Services
100 Montgomery, San Francisco, CA 94108

Company mission

To improve the financial health of our customers through better technology and total transparency.

Top investors

Some candidates hear
back within 2 weeks

-12% employee growth in 12 months

Otta's take

Sam Franklin headshot

Sam Franklin

CEO of Otta

The traditional banking system leaves many US citizens underserved, with some minority groups struggling to access accounts. Varo is one of many companies offering no-fee, high-interest accounts, as it takes on the traditional banks - with additional features such as a rewards program and access to early paychecks.

With many young customers distrustful of traditional banks, Varo has capitalised on this sentiment and grown to serve several million customers. It has a number of competitors such as Chime and Step, and it's also in competition with established traditional brick-and-mortar banks. However, as the first consumer fintech to be granted a national bank charter in the US, the company is at the front of the fintech revolution with a path to future success.

In response to economic uncertainty, the bank was forced to take cost-reduction measures throughout 2022. The effect has been positive, with a drastic reduction in its burn rate, which had been a primary concern. One point of interest is a shift in marketing strategy that has seen Varo focus more on growing the number of customers using it as their main bank, as opposed to growing overall user numbers. The company also has a new tech unit named "Varo Tech".

Benefits

  • Company and team outings
  • 401k
  • Health, dental, vision insurance
  • Flexible PTO
  • Office snacks and drinks
  • Free life coaching and counseling

Company values

  • Customer first: Understand problems our customers are trying to solve. Respond with a sense of urgency. Build relationships that result in loyalty. Be data and insights-driven. Test everything. Achieve results through strong execution. Build a product people love.
  • Take ownership: Have a bias toward action and high standards. Be accountable for the results of your work and our product. Trust others to own it.
  • Stay curious: Ask why. Dare to make things better. Learn something new each day (even from mistakes). Be open to growth. Develop creative solutions.
  • Make it better: Think big. Set high goals. Work toward long-term value rather than short-term wins. Create change. Be resilient.
  • Respect: Treat others how you want to be treated. Listen first before being heard. Speak the truth even when it’s not easy. Assume best intentions. Bring your full self to work.

Funding (last 2 of 6 rounds)

Sep 2021

$515m

SERIES E

Feb 2021

$63m

LATE VC

$992.4m

Total funding

This company has top investors

Founders

Former EVP at American Express. Has also worked in banking at Wells Fargo, Visa, Executive Networks, and Lloyds.

Diversity & Inclusion at Varo

  • Varo takes a long-term, strategic approach to Diversity and Inclusion. We’re committed to building long term awareness and engagement with employees at all levels, our customers, and our communities. We grow and strengthen the Varo team by acquiring, developing, promoting, and retaining exceptional and diverse talent.
  • Voluntary employee-led resource groups let us connect with each other, boost engagement, and keep important conversations going. Our groups include; "Women", that aims to increase women’s leadership roles, hiring and retention; "Adept", that sustains Varo’s efforts to support employees with physical, mental, and emotional disabilities; "Unity", that works to advance representation and opportunity for Black and African American employees; and "Pride", that helps us build a fully inclusive workplace offering education, support, and networking for LGBTQ employees.

Jobs (13)

All locations

Software Engineering