Varo Money is re-imagining personal banking. Launched in 2018, the first national mobile-only bank in the USA is on a mission to improve the financial lives of its customers with a unique range of high-yield savings accounts and spend tracking and cashflow management products. To expand its range of services and manage every step of the customer journey, Varo Money will deploy Temenos Transact and Temenos Lifecycle Management Suite running on cloud. Using Temenos tools, the bank will be able to develop new products such as home loans and credit services, simplify compliance with American banking regulations, and scale operations seamlessly as momentum builds behind its unique approach.
“The next generation of consumers are looking for more affordable solutions that are technology driven. Solutions that let them solve everyday banking problems with a few taps of the phone. The ability to deliver on those expectations and empower the everyday consumer to take control of their finances is what sets Varo apart from the incumbent banks in the industry. When looking for a core banking platform, we weren’t just looking for a vendor and a system, we wanted a provider that would truly partner with us in order to achieve our vision. They needed to show that they continually invested in the platform, and that they would provide the cutting-edge technology to support our current product set and long-term growth strategy. Temenos was able to demonstrate that they had the commitment and world-class technology to support a strategy that was customer-centric instead of product-centric, and deliver on the real-time, omni-channel experience we are crafting for our customers.”Colin Walsh, CEO & Co-Founder
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