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.

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.

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 its core banking, Temenos Payments and Temenos digital banking 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.

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.

Temenos Banking Cloud has helped the bank to bring innovative products to market faster and at scale to meet the surge in digital banking. Temenos Banking Cloud enables Varo to scale based on customer demands, deploy new products quickly, and drive down operational costs substantially. The broad functionality of Temenos Banking Cloud allows Varo Bank to meet specific business needs and support its regulatory requirements.

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

Finabank, the fourth largest commercial bank in Suriname, is expanding rapidly and has tripled its assets over the past three years. To continue this momentum, the bank launched a comprehensive transformation renovation of its IT landscape and deployed Temenos core banking, Temenos digital banking, and Temenos Financial Crime Mitigation. The solutions will provide modern core banking, business intelligence, and digital capabilities, along with advanced biometric security and multi-lingual functionality to accommodate Dutch and English-speaking users and customers. The integrated Temenos infrastructure will enable Finabank to develop innovative new digital offerings that consumers can access from even the most remote regions of Suriname—keeping the bank on course for further growth.