Chime vs Varo
short answerBoth are traditional neobanks. Chime is the larger platform (~22M users); Varo holds its own banking license. Compare custody, license, FX markup and fees field by field below.
Chime: Largest US neobank; 20M+ members; SpotMe overdraft.
Varo: First US consumer fintech with a national bank charter.
Side by side
| Chime | Varo | |
|---|---|---|
| Category | traditional | traditional |
| Audience | general | general |
| HQ | San Francisco, US | San Francisco, US |
| Founded | 2013 | 2015 |
| Custody | Custodial | Custodial |
| Regulation | Partner-bank model | Licensed bank |
| License detail | Partner banks (The Bancorp, Stride) | National bank charter (2020) |
| Card | Visa · Debit | Visa · Debit |
| Cashback | — | — |
| Yield | ~2% APY savings | Up to 5% APY (conditions) |
| FX markup | — | 0% foreign transaction fee, no exchange-rate markup; Visa wholesale rate (2026-07) |
| Services | — | — |
| Stablecoins | No | No |
| KYC | Yes | Yes |
| Regions | North America | North America |
| Reported users | 22M members (2024) | — |
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.