What is Varo Money?

Varo Money, which was established in 2015, is a fintech company that provides customers with an alternative to traditional banking through its mobile app and various financial services. Varo offers a range of financial products including bank accounts with no minimum balance or monthly account fees, high-yield savings accounts, and features geared towards helping users track spending and manage their finances efficiently. In July 2020, Varo made history as the first consumer-focused fintech to receive a national bank charter from the Office of the Comptroller of the Currency (OCC), allowing it to offer FDIC-insured bank accounts and more broadly compete with traditional banks.