Credit Strategy Manager, Varo
$125-175k
Fee-free online banking platform
Job no longer available
Fee-free online banking platform
501-1000 employees
Job no longer available
$125-175k
501-1000 employees
Company mission
To improve the financial health of our customers through better technology and total transparency.
Role
Who you are
- 4+ years of experience building and managing credit strategy, preferably in consumer lending
- Master’s or Bachelor’s Degree in Computer Science, Economics, Math, Statistics, Engineering, Business Administration, or other quantitative-related fields that are data-driven
- Strong understanding of credit risk management in the areas of origination, account management, and collections, including traditional and alternative credit bureau data and functionality
- Experience working with cash flow data is a big plus
- Strong analytical skills with the ability to identify problems/opportunities and propose data-driven solutions
- Excellent verbal and written communication skills with strong attention to detail
- Experience working with various statistical techniques
What the job involves
- Varo Bank is looking for a Credit Strategy Manager to help expand access to credit and launch new products to our customer base
- They are expected to have a passion for learning and solving complex problems with knowledge of consumer credit
- Varo Bank is building products that will fundamentally change the way consumers use mobile banking products and revolutionize the banking system as we know it
- We’re looking for candidates who will apply the same level of zeal for innovation and creativity to the development of our lending business
- You will collaborate across several teams internally, including risk management, product, platform engineering, operations, marketing, finance, compliance, and legal to ensure Varo’s credit offerings are best in class
- Design and launch new credit products, build monitoring, and track performance against expectations
- Propose data-driven product and credit policy changes to improve profitability, customer experience, and access to credit
- Use a combination of technical reporting tools (such as SQL, Python, R) and advanced Excel skills to analyze data to quantify performance, cost, and effectiveness for areas such as loan performance and strategic initiative
- Create and present analysis to key stakeholders and executives, examples include identifying underlying reasons for variance from expectations, understanding changes in portfolio performance, and evaluating profitability impacts
Our take
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 more than 7 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".
Kirsty
Company Specialist
Insights
Few candidates hear
back within 2 weeks
-12% employee growth in 12 months
Company
Funding (last 2 of 7 rounds)
Feb 2023
$50m
LATE VC
Sep 2021
$515m
SERIES E
Total funding: $1.0bn
Company benefits
- Health, dental, vision insurance
- Free life coaching and counseling
- 401k
- Office snacks and drinks
- Flexible PTO
- Company and team outings
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.
Company HQ
Financial District, San Francisco, CA
Articles
Founders
Colin Walsh
(CEO)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.
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