# Varo Bank

> Source: https://docs.barcoder.ai/docs/wallets/varo
> research date 2026-05-30 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Varo Bank — official](https://www.varomoney.com/)

## Overview

**Varo Bank** is **first US neobank to receive full-service national bank charter from OCC (Jul 31 2020)** <sup>[1][1], [2][2], [United States report](https://docs.barcoder.ai/docs/payments/US)</sup>. **2020 baseline**: Varo 2M+ accounts at OCC charter receipt; **Aug 1 2020 Varo Bank opens** post-OCC national bank charter; **Varo obtained OCC national bank charter following Federal Deposit Insurance Corp (FDIC) + Federal Reserve signoffs - process cost fintech nearly $100M**; **Varo all-digital national bank no branch network** + Aug 2 2025-Jul 31 2030 OCC Varo Bank CRA Strategic Plan; CRA = Community Reinvestment Act.

**Distinctive Varo positioning**:
- **First US neobank to receive full-service national bank charter from OCC (Jul 31 2020)** — distinctive US neobank regulatory milestone
- **~$100M fintech cost to obtain OCC national bank charter** (FDIC + Federal Reserve signoffs)
- **Varo all-digital national bank no branch network** + 2M+ accounts at OCC charter receipt
- **Aug 1 2020 Varo Bank opens** post-OCC national bank charter
- **Aug 2 2025-Jul 31 2030 OCC Varo Bank CRA Strategic Plan** (Community Reinvestment Act)
- **2015 Varo founding by Colin Walsh + Mykola Klymenko** → distinctive US neobank heritage
- **"Brings the best of fintech into the regulated system – an all-digital, mobile-first, mission-driven, FDIC insured bank"**

## History

**2015 — Varo founded by Colin Walsh + Mykola Klymenko** → distinctive US neobank heritage.

**2017 — Varo mobile banking app launches** as US neobank (initially partner-issued banking).

**Feb 19 2020 — Varo Money granted preliminary approval for OCC national bank charter**.

**Jul 31 2020 — Varo Bank N.A. receives full-service national bank charter from OCC** → distinctive US neobank regulatory milestone (first US neobank to receive national bank charter from OCC; ~$100M fintech cost; FDIC + Federal Reserve signoffs).

**Aug 1 2020 — Varo Bank opens** post-OCC national bank charter <sup>[1][1], [2][2], [3][3]</sup>.

**Aug 2 2025-Jul 31 2030 — OCC Varo Bank CRA Strategic Plan** (Community Reinvestment Act).

## Ownership & operator

**Operating entity**: **Varo Bank N.A.** (privately-held; OCC national bank charter since Jul 31 2020).

**Major shareholders**: **Colin Walsh (founder + CEO) + Mykola Klymenko (co-founder + CTO) + Warburg Pincus + The Rise Fund (TPG Growth) + Gallatin Point Capital + HarbourVest Partners + Berkshire Partners + Russell Westbrook Enterprises + venture capital investors**.

**Regulators**: **OCC + FDIC + state-level + Federal Reserve**.

## Technical integration

Varo Bank mobile banking app (iOS + Android) + varomoney.com online + Varo Bank Visa debit card + Varo Bank all-digital national bank no branch network; ACH + Zelle + RTP; **Varo all-digital national bank no branch network** + Varo Bank Believe credit card + Varo Bank Cash Advance + Varo Bank Save Your Pay + Varo Bank Save Your Change.

## Users & growth

**2020 baseline (at OCC charter receipt)**: Varo 2M+ accounts; **Aug 2 2025-Jul 31 2030 OCC Varo Bank CRA Strategic Plan**.

## Use cases

US retail + financially resilient + credit + cash flow management banking via Varo Bank mobile + varomoney.com online + Visa debit card + Varo Bank all-digital national bank no branch network; ACH + Zelle + RTP; **Varo Bank Believe credit card** + **Varo Bank Cash Advance** + **Varo Bank Save Your Pay** + **Varo Bank Save Your Change** + Varo Bank financial resiliency products + affordable access to credit + easier management of volatile cash flows.

## Implementations & partners

**Operator**: Varo Bank N.A. (privately-held; OCC national bank charter since Jul 31 2020); Colin Walsh (founder + CEO) + Mykola Klymenko (co-founder + CTO) + Warburg Pincus + The Rise Fund (TPG Growth) + Gallatin Point Capital + HarbourVest Partners + Berkshire Partners + Russell Westbrook Enterprises + venture capital investors.

**Major US neobank competitors**: [Chime](https://docs.barcoder.ai/docs/wallets/chime) (US largest neobank for low-income + financially underserved; 8.6M active members; ~25M signups; post-Jun 12 2025 NASDAQ IPO at $11.2B → $18.2B day skyrocket; Bancorp Bank + Stride Bank partner-issued no own banking license) + [SoFi](https://docs.barcoder.ai/docs/wallets/sofi) (US neobank + lending + investing all-in-one fintech + OCC national bank charter Jan 2022 + 15M+ members + SoFiUSD stablecoin) + [Current](https://docs.barcoder.ai/docs/wallets/current) (US neobank for Gen Z) + [Ally Bank](https://docs.barcoder.ai/docs/wallets/ally-bank-app) (US online bank; post-2009 GMAC conversion) + [Discover Financial Services](https://docs.barcoder.ai/docs/wallets/discover-financial) (US credit card + online bank) + Albert (US financial app) + Dave (US financial app).

**Regulators**: OCC + FDIC + state-level + Federal Reserve.

## Fun facts

- **First US neobank to receive full-service national bank charter from OCC (Jul 31 2020)** — distinctive US neobank regulatory milestone.
- **~$100M fintech cost to obtain OCC national bank charter** (FDIC + Federal Reserve signoffs).
- **Varo all-digital national bank no branch network** + 2M+ accounts at OCC charter receipt.
- **Aug 1 2020 Varo Bank opens** post-OCC national bank charter.
- **Aug 2 2025-Jul 31 2030 OCC Varo Bank CRA Strategic Plan** (Community Reinvestment Act).
- **2015 Varo founding by Colin Walsh + Mykola Klymenko** → distinctive US neobank heritage.
- **"Brings the best of fintech into the regulated system – an all-digital, mobile-first, mission-driven, FDIC insured bank"**.

## Comparison

| Feature | Varo Bank | [Chime](https://docs.barcoder.ai/docs/wallets/chime) (US largest neobank for low-income + financially underserved rival; 8.6M active members + post-Jun 12 2025 NASDAQ IPO; Bancorp Bank + Stride Bank partner-issued) | [SoFi](https://docs.barcoder.ai/docs/wallets/sofi) (US neobank + lending + investing rival + OCC national bank charter Jan 2022 + 15M+ members) | [Current](https://docs.barcoder.ai/docs/wallets/current) (US neobank for Gen Z rival) | [Ally Bank](https://docs.barcoder.ai/docs/wallets/ally-bank-app) (US online bank rival; post-2009 GMAC conversion) |
|---|---|---|---|---|---|
| Operator | **Varo Bank N.A. (privately-held; OCC national bank charter since Jul 31 2020)** | Chime Financial Inc. (NASDAQ: CHYM; post-Jun 12 2025 NASDAQ IPO) | SoFi Technologies Inc. (NASDAQ: SOFI) | Current (privately-held) | Ally Financial Inc. (NYSE: ALLY) |
| Type | **First US neobank to receive full-service national bank charter from OCC (Jul 31 2020) + ~$100M fintech cost + Varo all-digital national bank no branch network + 2M+ accounts at OCC charter receipt + Aug 2 2025-Jul 31 2030 OCC Varo Bank CRA Strategic Plan** | US largest neobank for low-income + financially underserved + 8.6M active members + ~25M signups + Jun 12 2025 NASDAQ IPO $11.2B → $18.2B day skyrocket + Bancorp Bank + Stride Bank partner-issued (no own banking license) | US neobank + lending + investing all-in-one fintech + OCC national bank charter (Jan 2022) + 15M+ members + SoFiUSD stablecoin May 2026 | US neobank for Gen Z | US online bank post-2009 GMAC conversion + Ally Auto Finance + Ally Invest |
| Country | US | US | US | US | US + CA |
| Distinctive | **2015 Varo founding by Colin Walsh + Mykola Klymenko; 2017 Varo mobile banking app launch; Feb 19 2020 OCC preliminary approval; Jul 31 2020 OCC national bank charter receipt (first US neobank); Aug 1 2020 Varo Bank opens; ~$100M fintech cost; Russell Westbrook Enterprises investor distinctive Varo backer; Aug 2 2025-Jul 31 2030 OCC Varo Bank CRA Strategic Plan** | 2013 Chime founding by Chris Britt + Ryan King in San Francisco; 2014 Chime SpotMe overdraft protection; Jun 12 2025 NASDAQ IPO $11.2B → $18.2B day skyrocket; Bancorp Bank + Stride Bank partner-issued (no own banking license) | 2011 founding by Stanford University students; Jun 1 2021 SPAC public listing; Jan 2022 OCC national bank charter via Golden Pacific Bank $22.3M acquisition | 2015 Current founding for Gen Z neobanking | 1919 GMAC founding; 2009 GMAC conversion to Ally Financial post-GM bankruptcy |

## Status

**Active, first US neobank to receive full-service national bank charter from OCC (Jul 31 2020)** <sup>[1][1], [2][2], [3][3]</sup>:
- **Varo Bank N.A. (privately-held; OCC national bank charter since Jul 31 2020)** since 2015 Varo founding by Colin Walsh + Mykola Klymenko + 2017 Varo mobile banking app launch + Jul 31 2020 OCC national bank charter receipt + Aug 1 2020 Varo Bank opens.
- **~$100M fintech cost to obtain OCC national bank charter** (FDIC + Federal Reserve signoffs).
- **Varo all-digital national bank no branch network + Aug 2 2025-Jul 31 2030 OCC Varo Bank CRA Strategic Plan**.
- **OCC + FDIC + state-level + Federal Reserve regulated**.

## Sources

[1]: https://www.bankingdive.com/news/varo-first-challenger-bank-charter-occ/582686/ "Varo becomes first challenger bank to get national charter from OCC — Banking Dive"
[2]: https://www.americanbanker.com/news/its-official-varo-money-has-national-bank-charter "It's official: Varo Money has national bank charter — American Banker"
[3]: https://www.occ.gov/topics/consumers-and-communities/cra/varo-bank.pdf "VARO BANK, N.A. Draper, Utah CRA STRATEGIC PLAN August 2, 2025 – July 31, 2030 — OCC"
[us-cro]: https://docs.barcoder.ai/docs/payments/US

- [1] [Varo becomes first challenger bank to get national charter from OCC — Banking Dive][1]
- [2] [It's official: Varo Money has national bank charter — American Banker][2]
- [3] [VARO BANK, N.A. CRA STRATEGIC PLAN August 2, 2025 – July 31, 2030 — OCC][3]
- <sup>[United States report](https://docs.barcoder.ai/docs/payments/US)</sup> In-corpus: `reports/countries/US-united-states.md`

## Source

Biography extracted from [varo.md](https://docs.barcoder.ai/source/wallets/varo). See `matrix.md` for standards-support matrix if present.