Varo Bank is re-imagining personal banking. Launched in 2018, Varo is the first consumer fintech granted a national bank charter in the US. Its mission is to improve the financial lives of its customers with a unique range of high-yield savings accounts, spend tracking and cashflow. Varo provides innovative digital banking services to 180 million Americans currently underserved by the traditional system.

First Fintech to be a fully digital national bank

One of the main factors that differentiates Varo is its technology platform. The bank based its architecture around open API’s and the cloud. Varo partnered with Temenos and is using Temenos Transact (back end platform), Temenos Payments and Temenos Infinity (front end solution) services on the cloud.

For Varo it was very important to find a bank partner, who could support its hyper efficient cost model in order to pass real value back to its consumers.

“Temenos is a great partner for us to help that rapid cycle of products iteration, gaining insights and be able to continue to deliver solutions that solve real pain points for consumers.”

Colin Walsh, Founder & CEO

Using Temenos cloud-native APIs, Varo can develop new products such as home loans and credit services, launch them rapidly to the market, simplify compliance with American banking regulations, and scale operations seamlessly as momentum builds behind its customer-first approach.

Cost to service a customer is going to be 25% of what it will cost a traditional bank

With a lower cost/income ratio compared to traditional banks, Varo now offers market leading digital banking services at a lower cost and expand financial inclusion for millions around the US.

‘’It was really important to find a bank partner like Temenos. We would not be as nimble if we were working with other core banking providers. ’’

Colin Walsh, Founder & CEO

Varo Money selects Temenos’ digital banking platform to launch new bank in the United States

Varo aims to be one of the first national mobile-only banks in American history