Varo
Spent three years and ~$100M to become the first US consumer fintech granted its own national bank charter.
First US consumer fintech with a national bank charter.
- Who holds it
- The company itself — it holds a full banking licence — National bank charter (2020).
- The ledger
- The bank’s own core ledger.
- If it fails
- A covered-deposit payout through the local scheme, up to its limit.
Derived from Varo’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional |
| HQ | San Francisco, US |
| Founded | 2015 |
| Custody | Custodial |
| Regulation type | Licensed bank |
| License detail | National bank charter (2020) |
| Card | Visa · Debit |
| Yield | Up to 5% APY (conditions) |
| Stablecoins | No |
| KYC | Yes |
| Active regions | North America |
| Countries | United States |
| Founders | Colin Walsh |
| Funding | ~$1B raised |
| FX markup | 0% foreign transaction fee, no exchange-rate markup; Visa wholesale rate (2026-07) · source ↗ |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @varomoney ↗
Common questions about Varo
What is Varo?
Varo is a fiat neobank, headquartered in San Francisco, US and founded in 2015. Your money is held custodially, so Varo or its partner bank holds the balance and you hold a claim on it. It is regulated as a licensed bank (National bank charter (2020)).
Does Varo have a card, and where can you use it?
It issues a Visa debit card. It is available in North America.
Does Varo require KYC?
Yes. Varo requires identity verification (KYC) to open an account, as a licensed bank.
What does Varo cost?
From the verified fields: FX abroad — 0% foreign transaction fee, no exchange-rate markup; Visa wholesale rate (as of 2026-07); yield Up to 5% APY (conditions). Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with Varo before relying on them.
Early investors
Head-to-head
Varo vs Chime · Varo vs Current
Peers
Chime · Wise · Current · SoFi · Ally Bank · Dave
Varo appears in
Neobanks that hold their own banking license (132) · Neobanks available in North America (126) · Neobanks that issue a Visa card (182) · Neobanks in United States (66)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.