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What they do
Fee-free mobile app that targets under-served banking customers across the United States

Striving to make banking more accessible & inclusive to a target audience of ~180 million 'battlers & builders'; and improving the financial well-being of its clients through:
  • Better access to cash & credit
  • Programs designed to encourage savings (for emergencies & other long-term goals)
  • Tools to help create & build wealth

Investment Thesis
Having its own bank charter is a distinct competitive advantage
  • Varo keeps 100% of its revenues - significant economic advantage over its neo-bank peers
  • Ability to offer lending products, along with other services such as robo-advising and fractional share ownership
  • Direct access to the 'National Payments System'
  • FDIC membership

Uniquely positioned to serve the 'battlers & builders' target market
  • Demographic of ~180 million has been largely neglected and/or ignored by incumbent banks
  • Varo is well-suited to provide a comprehensive banking relationship to this target audience - evidenced by programs such as:
    - Varo Believe: a credit building program that bridges customers towards using credit cards, where appropriate
    - Early direct deposit & advances: allows customers to receive funds earlier, for a fee

Experienced Management Team with extensive backgrounds in both banking/finance & technology from organizations such as:
  • Banking/Finance: Amex, Visa, Capital One, Morgan Stanley, Lloyds of London
  • Technology:  Apple, Google, Spotify, Dropbox

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