Wallets/varo
Varo Bank
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Overview
Varo Bank is first US neobank to receive full-service national bank charter from OCC (Jul 31 2020) [1, 2, us-cro]. 2020 baseline: Varo 2M+ accounts at OCC charter receipt; Aug 1 2020 Varo Bank opens post-OCC national bank charter; Varo obtained OCC national bank charter following Federal Deposit Insurance Corp (FDIC) + Federal Reserve signoffs - process cost fintech nearly $100M; Varo all-digital national bank no branch network + Aug 2 2025-Jul 31 2030 OCC Varo Bank CRA Strategic Plan; CRA = Community Reinvestment Act.
Distinctive Varo positioning:
- First US neobank to receive full-service national bank charter from OCC (Jul 31 2020) — distinctive US neobank regulatory milestone
- ~$100M fintech cost to obtain OCC national bank charter (FDIC + Federal Reserve signoffs)
- Varo all-digital national bank no branch network + 2M+ accounts at OCC charter receipt
- Aug 1 2020 Varo Bank opens post-OCC national bank charter
- Aug 2 2025-Jul 31 2030 OCC Varo Bank CRA Strategic Plan (Community Reinvestment Act)
- 2015 Varo founding by Colin Walsh + Mykola Klymenko → distinctive US neobank heritage
- "Brings the best of fintech into the regulated system – an all-digital, mobile-first, mission-driven, FDIC insured bank"
History
2015 — Varo founded by Colin Walsh + Mykola Klymenko → distinctive US neobank heritage.
2017 — Varo mobile banking app launches as US neobank (initially partner-issued banking).
Feb 19 2020 — Varo Money granted preliminary approval for OCC national bank charter.
Jul 31 2020 — Varo Bank N.A. receives full-service national bank charter from OCC → distinctive US neobank regulatory milestone (first US neobank to receive national bank charter from OCC; ~$100M fintech cost; FDIC + Federal Reserve signoffs).
Aug 1 2020 — Varo Bank opens post-OCC national bank charter [1, 2, 3].
Aug 2 2025-Jul 31 2030 — OCC Varo Bank CRA Strategic Plan (Community Reinvestment Act).
Ownership & operator
Operating entity: Varo Bank N.A. (privately-held; OCC national bank charter since Jul 31 2020).
Major shareholders: Colin Walsh (founder + CEO) + Mykola Klymenko (co-founder + CTO) + Warburg Pincus + The Rise Fund (TPG Growth) + Gallatin Point Capital + HarbourVest Partners + Berkshire Partners + Russell Westbrook Enterprises + venture capital investors.
Regulators: OCC + FDIC + state-level + Federal Reserve.
Technical integration
Varo Bank mobile banking app (iOS + Android) + varomoney.com online + Varo Bank Visa debit card + Varo Bank all-digital national bank no branch network; ACH + Zelle + RTP; Varo all-digital national bank no branch network + Varo Bank Believe credit card + Varo Bank Cash Advance + Varo Bank Save Your Pay + Varo Bank Save Your Change.
Users & growth
2020 baseline (at OCC charter receipt): Varo 2M+ accounts; Aug 2 2025-Jul 31 2030 OCC Varo Bank CRA Strategic Plan.
Use cases
US retail + financially resilient + credit + cash flow management banking via Varo Bank mobile + varomoney.com online + Visa debit card + Varo Bank all-digital national bank no branch network; ACH + Zelle + RTP; Varo Bank Believe credit card + Varo Bank Cash Advance + Varo Bank Save Your Pay + Varo Bank Save Your Change + Varo Bank financial resiliency products + affordable access to credit + easier management of volatile cash flows.
Implementations & partners
Operator: Varo Bank N.A. (privately-held; OCC national bank charter since Jul 31 2020); Colin Walsh (founder + CEO) + Mykola Klymenko (co-founder + CTO) + Warburg Pincus + The Rise Fund (TPG Growth) + Gallatin Point Capital + HarbourVest Partners + Berkshire Partners + Russell Westbrook Enterprises + venture capital investors.
Major US neobank competitors: [[chime]] (US largest neobank for low-income + financially underserved; 8.6M active members; ~25M signups; post-Jun 12 2025 NASDAQ IPO at $11.2B → $18.2B day skyrocket; Bancorp Bank + Stride Bank partner-issued no own banking license) + [[sofi]] (US neobank + lending + investing all-in-one fintech + OCC national bank charter Jan 2022 + 15M+ members + SoFiUSD stablecoin) + [[current]] (US neobank for Gen Z) + [[ally-bank]] (US online bank; post-2009 GMAC conversion) + [[discover]] (US credit card + online bank) + Albert (US financial app) + Dave (US financial app).
Regulators: OCC + FDIC + state-level + Federal Reserve.
Fun facts
- First US neobank to receive full-service national bank charter from OCC (Jul 31 2020) — distinctive US neobank regulatory milestone.
- ~$100M fintech cost to obtain OCC national bank charter (FDIC + Federal Reserve signoffs).
- Varo all-digital national bank no branch network + 2M+ accounts at OCC charter receipt.
- Aug 1 2020 Varo Bank opens post-OCC national bank charter.
- Aug 2 2025-Jul 31 2030 OCC Varo Bank CRA Strategic Plan (Community Reinvestment Act).
- 2015 Varo founding by Colin Walsh + Mykola Klymenko → distinctive US neobank heritage.
- "Brings the best of fintech into the regulated system – an all-digital, mobile-first, mission-driven, FDIC insured bank".
Comparison
| Feature | Varo Bank | [[chime]] (US largest neobank for low-income + financially underserved rival; 8.6M active members + post-Jun 12 2025 NASDAQ IPO; Bancorp Bank + Stride Bank partner-issued) | [[sofi]] (US neobank + lending + investing rival + OCC national bank charter Jan 2022 + 15M+ members) | [[current]] (US neobank for Gen Z rival) | [[ally-bank]] (US online bank rival; post-2009 GMAC conversion) |
|---|---|---|---|---|---|
| Operator | Varo Bank N.A. (privately-held; OCC national bank charter since Jul 31 2020) | Chime Financial Inc. (NASDAQ: CHYM; post-Jun 12 2025 NASDAQ IPO) | SoFi Technologies Inc. (NASDAQ: SOFI) | Current (privately-held) | Ally Financial Inc. (NYSE: ALLY) |
| Type | First US neobank to receive full-service national bank charter from OCC (Jul 31 2020) + ~$100M fintech cost + Varo all-digital national bank no branch network + 2M+ accounts at OCC charter receipt + Aug 2 2025-Jul 31 2030 OCC Varo Bank CRA Strategic Plan | US largest neobank for low-income + financially underserved + 8.6M active members + ~25M signups + Jun 12 2025 NASDAQ IPO $11.2B → $18.2B day skyrocket + Bancorp Bank + Stride Bank partner-issued (no own banking license) | US neobank + lending + investing all-in-one fintech + OCC national bank charter (Jan 2022) + 15M+ members + SoFiUSD stablecoin May 2026 | US neobank for Gen Z | US online bank post-2009 GMAC conversion + Ally Auto Finance + Ally Invest |
| Country | US | US | US | US | US + CA |
| Distinctive | 2015 Varo founding by Colin Walsh + Mykola Klymenko; 2017 Varo mobile banking app launch; Feb 19 2020 OCC preliminary approval; Jul 31 2020 OCC national bank charter receipt (first US neobank); Aug 1 2020 Varo Bank opens; ~$100M fintech cost; Russell Westbrook Enterprises investor distinctive Varo backer; Aug 2 2025-Jul 31 2030 OCC Varo Bank CRA Strategic Plan | 2013 Chime founding by Chris Britt + Ryan King in San Francisco; 2014 Chime SpotMe overdraft protection; Jun 12 2025 NASDAQ IPO $11.2B → $18.2B day skyrocket; Bancorp Bank + Stride Bank partner-issued (no own banking license) | 2011 founding by Stanford University students; Jun 1 2021 SPAC public listing; Jan 2022 OCC national bank charter via Golden Pacific Bank $22.3M acquisition | 2015 Current founding for Gen Z neobanking | 1919 GMAC founding; 2009 GMAC conversion to Ally Financial post-GM bankruptcy |
Status
Active, first US neobank to receive full-service national bank charter from OCC (Jul 31 2020) [1, 2, 3]:
- Varo Bank N.A. (privately-held; OCC national bank charter since Jul 31 2020) since 2015 Varo founding by Colin Walsh + Mykola Klymenko + 2017 Varo mobile banking app launch + Jul 31 2020 OCC national bank charter receipt + Aug 1 2020 Varo Bank opens.
- ~$100M fintech cost to obtain OCC national bank charter (FDIC + Federal Reserve signoffs).
- Varo all-digital national bank no branch network + Aug 2 2025-Jul 31 2030 OCC Varo Bank CRA Strategic Plan.
- OCC + FDIC + state-level + Federal Reserve regulated.
Sources
- 1 Varo becomes first challenger bank to get national charter from OCC — Banking Dive
- 2 It's official: Varo Money has national bank charter — American Banker
- 3 VARO BANK, N.A. CRA STRATEGIC PLAN August 2, 2025 – July 31, 2030 — OCC
- us-cro In-corpus:
reports/countries/US-united-states.md
Source
Biography extracted from varo.md. See matrix.md for standards-support matrix if present.