NEW YORK, US – SEPTEMBER 12, 2023 – Temenos (SIX: TEMN) today announced that Varo Bank, N.A., the first all-digital, nationally chartered consumer techbank in the US, has extended its relationship with Temenos.
Temenos Banking Cloud enables Varo to scale based on customer demands, deploy new products quickly, and drive down operational costs substantially. This has helped the bank to bring innovative products to market faster and at scale to meet the surge in digital banking.
The broad functionality of Temenos Banking Cloud allows Varo Bank to meet specific business needs and support its regulatory requirements.
Varo’s efforts to build a better kind of bank powered by modern cloud technology have been recognized nationally. Varo has been named as one of the Inc. 5000 2023 fastest growth companies in the U.S., CNBC’s 2023 list of the World’s Top Fintech Companies, one of Forbes’ World’s Best Banks, and Fast Company’s Most Innovative Companies.
Colin Walsh, CEO and founder of Varo Bank, N.A. said:
“Americans no longer must choose between a sophisticated digital experience and a trustworthy banking partner – Varo has made history by achieving both. Temenos’ cloud-based platform helps us meet the needs of our growing customer base and support our growth and profitability initiatives. We pass on all these benefits to our customers by delivering lower cost, tech-driven banking services that help Americans living paycheck to paycheck make progress in their financial lives.”
Philip Barnett, President Americas Temenos, said:
“We are excited to support Varo’s vision for the future of banking – one that is built on trust and innovation. With Temenos Banking Cloud, Varo has a lower cost/income ratio compared to traditional banks and can take advantage of economies of scale as the business grows. This has been key in helping Varo on its path to profitability while enabling it to offer digital banking services at a lower cost and expand financial inclusion and improve financial health for millions of Americans. For Temenos, this deal is further evidence of our growing momentum in the North American market, where we’ve recently seen Canadian Tire Bank, global payments leader Convera, and a top 30 US domestic bank all select Temenos Banking Cloud for their transformation projects. Our highly scalable, advanced cloud technology, combined with robust localization and US compliance capabilities as well as pre-configured banking capabilities, is helping US and Canadian banks of all sizes to increase efficiency and speed to value.”