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Varo Money was founded by Assaf Guery, Colin Walsh, Mykola Klymenko, and Roger Van Duinen, in 2015. The company offers no-cost premium bank accounts and their savings accounts have high-interest rates.
Varo Money is a digital banking application that operates to rival traditional banks. They offer a bank account without monthly fees or minimum balance, and maintains its structure without any physical locations. Customers are still able to access their money through a network of more than 55,000 fee-free Allpoint ATMs around the world.
Varo Bank Account is provided by The Bancorp Bank, Member FDIC, and is insured to at least $250,000. In 2020, Varo announced it had received approval for FDIC insurance and that it would soon be the first entirely digital bank. The bank is pending completion of the conditions required by the OCC, the FDIC, and the Federal Reserve in order to earn approval to become a national bank.
During the COVID-19 pandemic, Varo served its customer base by providing early access to the provided stimulus and unemployment relief funds with direct deposit paychecks. They also extended the range for deposits and ATM limits.
