Varo Bank

Varo Bank is a pioneering digital-only neobank headquartered in Draper, Utah. The institution made history in 2020 as the first fintech company to receive a national bank charter from the Office of the Comptroller of the Currency (OCC), transitioning from a technology startup to a fully chartered, FDIC-insured national bank.

Unlike traditional money apps that partner with third-party banks, Varo operates with its own banking charter and holds customer deposits directly. The bank specializes in serving lower-to-middle income consumers, financial beginners, and those with limited or no credit history, offering fee-free banking products designed to promote financial inclusion and stability.