V

Varo

Fee-free digital banking with credit-building

Overview

Varo Money is a digital bank that offers fee-free checking and saving, early direct deposit, and a no-interest cash advance up to $500. It also provides a credit-building service that reports on-time payments to credit bureaus, helping users improve their credit scores. Deposits are FDIC-insured up to $250,000 because Varo operates as an independent bank with its own charter. Its goal is to provide affordable, accessible banking and help customers manage money and build credit.

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About Varo

Simplify's Rating
Why Varo is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Consumer SoftwareFintechFinancial Services

Company Size

201-500

Company Stage

Series G

Total Funding

$1.2B

Headquarters

San Francisco, CA

Founded

2015

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Simplify's take

What believers are saying

  • Varo extended fee-free cash adds long term after an eight-week 2026 pilot.
  • Sean Kelley became CFO on July 21, 2026 to drive profitable growth.
  • Upside integration launched April 6, 2026, pushing debit engagement and merchant value.

What critics are saying

  • Q2 2026 losses hit $23.4 million, after cumulative losses above $875 million.
  • Staff fell to 270 by June 2026, signaling a shrinking operating base.
  • If investors balk again, Varo's capital runway ends and the charter becomes irrelevant.

What makes Varo unique

  • Varo holds a 2020 OCC national bank charter, unlike sponsor-bank neobanks.
  • Its Green Dot-Kroger cash deposits reached 2,000+ stores nationwide in October 2026.
  • Pinwheel Switch Kit links direct deposits and bill switching, reducing customer churn.

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Funding

Total Funding

$1.2B

Above

Industry Average

Funded Over

11 Rounds

Series G funding comparison data is currently unavailable. We're working to provide this information soon!
Series G Funding Comparison Coming Soon

Benefits

  • Professional Development Budget

Growth & Insights and Company News

6 month growth

0%

1 year growth

1%

2 year growth

1%
FinTech Global
Oct 15th, 2026
Varo Bank expands fee-free cash access through Kroger partnership.

Varo Bank expands fee-free cash access through Kroger partnership. October 15, 2026 US digital bank Varo Bank is expanding access to cash-based digital banking by making fee-free deposits permanent at more than 2,000 Kroger Family of Stores locations, following strong uptake during an eight-week pilot launched in July 2026. The move highlights how digital-first banks are investing in payments infrastructure and retail partnerships to bridge the gap between physical cash and mobile banking. By removing the $4.95 fee previously charged for retail cash deposits, Varo aims to reduce the cost of funding digital accounts and make its services more accessible to customers who still rely on cash. The service is powered by the Green Dot Network, which provides the payments infrastructure connecting Varo's digital accounts with participating retail locations. Customers generate a unique barcode through the Varo mobile app, allowing a cashier to process the deposit and transfer the funds into their account. The service is available at checkout tills and customer service desks across participating Kroger Family of Stores branches in the US. Customers can still load cash by swiping a debit card, although this option remains subject to the standard fee. For digital banks, partnerships with established retail networks offer a way to extend cash access without building and maintaining their own physical branch infrastructure. The model combines mobile account management with existing retail payment points, giving customers more options for moving between cash and digital funds. Varo describes itself as the first all-digital US consumer bank to hold a national bank charter. Its product offering spans savings, credit building and payments, with the bank using technology-led services to serve consumers through a regulated banking model. "Nobody should have to pay a fee just to deposit their own money," said Varo Bank CEO Gavin Michael. "Following an exceptionally successful pilot, we're extending the program long term and making fee-free cash add capabilities available at stores nationwide. This allows our customers to access and manage their cash and digital banking in the checkout line, making everyday cash management simple and easy." The permanent rollout reflects growing efforts among digital financial services providers to make cash deposits more convenient while reducing friction and costs for customers. For Varo, the partnership expands its cash-access network through existing retail infrastructure rather than a traditional branch network. Enjoying the stories? Investors. The following investor(s) were tagged in this article.

Financing Your Way
Aug 7th, 2026
Varo Bank and Green Dot partner to turnKroger checkout lanes into cash deposit points.

Varo Bank and Green Dot partner to turnKroger checkout lanes into cash deposit points. Varo Bank and Green Dot enable cash deposits at Kroger registers, turning retail lanes into vital financial hubs for digital banking customers. Curated by Financing Your Way from original reporting by Finextra - Lending. Summary is AI-assisted and editorially reviewed - see its editorial standards. This partnership between Varo Bank and Green Dot is a significant move for retailers looking to bridge the gap between physical cash and digital banking. By turning Kroger checkout lanes into cash deposit points, the initiative simplifies how customers move money into the digital ecosystem. For retailers and operators, this highlights a growing trend: the physical store is no longer just a place to buy goods. It is becoming a vital node in the financial services network. When customers can deposit cash at your register, it increases foot traffic and builds store loyalty. For the consumer financing industry, this is particularly relevant because it provides unbanked or underbanked shoppers with an easier way to fund digital accounts. Those accounts are often used to make payments on Buy Now, Pay Later (BNPL) plans or other consumer loans. If your customers deal heavily in cash, tools like this make it easier for them to qualify for and manage digital financing options. This move signals that the 'last mile' of banking is moving away from bank branches and directly into the retail environment. Retailers should keep an eye on these integrations as they can reduce friction for cash-heavy shoppers wanting to participate in the digital economy. Who else is covering this

Financial IT
Aug 6th, 2026
Varo Bank expands fee-free in-store cash add capabilities nationwide.

Varo Bank expands fee-free in-store cash add capabilities nationwide. * Digital banking * 06.08.2026 05:44 am Varo Bank, N.A., the first all-digital, nationally chartered consumer bank in the U.S., recently announced the launch of fee-free digital cash add capabilities for Varo customers across more than 2,000 Kroger Family of store locations. Powered by Green Dot's embedded finance platform and money processing network, this expansion launched as a four-week pilot program (ending on August 18, 2026) supported by a comprehensive co-marketing campaign reaching both existing and prospective customers. Through this initiative, Varo customers can: * Add cash into their accounts fee-free at participating stores * Utilize Green Dot Network's barcode API scanning capability to generate a unique barcode within the Varo app, which a cashier scans to add the cash to their account * Save cash by not paying the $4.95 retail service fee.1 "Nobody should have to pay a fee just to deposit their own money," said Gavin Michael, chief executive officer at Varo Bank. "Now that Varo customers can add cash fee-free at stores nationwide, they can take care of their banking right in the grocery line. With this new offering, we are making it as simple as possible for our customers to manage their cash where they already shop." "Adding cash to your bank account should be as simple as buying groceries," said Renata Caine, senior vice president and general manager, embedded finance at Green Dot. "Our money processing technology brings Varo's fee-free digital cash add capabilities straight to checkout lanes nationwide, making everyday money management that much easier." The pilot builds on Varo's successful fee-free retail cash load network footprint and is designed to deepen consumer engagement. The fee-free cash barcode load feature is available now at customer service and checkout lanes across more than 2,000 participating Kroger Family of stores nationwide.

UpSide
Apr 6th, 2026
Varo Bank integrates Upside to drive debit card engagement and expand cash back benefits.

Varo Bank integrates Upside to drive debit card engagement and expand cash back benefits. The integration gives Varo customers access to personalized cash back offers on fuel, groceries, and dining April 6, 2026 WASHINGTON, D.C., April 6, 2026 - Upside, a leading digital marketplace dedicated to empowering individuals and businesses financially, today announced a strategic partnership with Varo Bank, the first nationally chartered all-digital consumer bank in the U.S. Through this integration, Upside's cash back offers will be available directly to Varo's customers via its banking app. "Helping customers make progress with their money is at the center of everything we build because Varo is a bank that puts more money into our customers' pockets when they need it," said Wajiha Ahmed, Head of Cashback and Engagement at Varo Bank. "Embedding Upside in the Varo app gives people a simple way to get more from their everyday purchases, with relevant offers in categories such as fuel, groceries and dining. It's a seamless way to deliver meaningful value without adding complexity." The partnership also expands how consumers discover Upside retail partners, introducing the marketplace to more customers through the Varo app. "Mobile banking partners like Varo are an important part of how we scale demand for the retailers we serve," said Chad Crutchfield, Head Of Strategic Partnerships at Upside. "By embedding Upside within banking apps, we increase card engagement for our partners and deliver new, incremental traffic to brick-and-mortar businesses." Varo joins a growing ecosystem of financial partners using Upside to connect cardholders with brick-and-mortar retailers in categories such as fuel, grocery, and restaurants. As distribution expands, the marketplace becomes more valuable for both retailers seeking efficient customer acquisition and consumers looking to get more from their everyday spending. Learn more about Upside's partnerships at upside.com/partnerships. ABOUT UPSIDE Upside is a digital marketplace that connects millions of consumers with brick-and-mortar retailers nationwide. Since 2016, Upside's personalized offers have empowered individuals to gain greater purchasing power for their essential needs while helping businesses achieve measurable profits. Billions of dollars in commerce run through the Upside platform annually, directly benefiting retailers, consumers, and sustainability initiatives. For more information, visit www.upside.com. ABOUT VARO BANK Varo Bank is the first nationally chartered all-digital consumer bank in the U.S., built from the ground up with a focus on the needs of everyday Americans. From credit building to savings to faster payments, Varo has a complete solution to help people make progress in their financial lives. Varo combines the capabilities and nimbleness of a technology company with the security and oversight of a regulated financial institution, enabling agile product design that provides technology-first solutions such as Varo Believe, a secured card to help build credit; Varo Advance, to help stretch hard-earned dollars between paychecks; and a high-yield savings account, offering one of the nation's highest APYs. Varo has been named as one of the Inc. 5000's 2025 fastest growth companies in the U.S., CNBC's 2023-2025 list of the World's Top Fintech Companies, one of Forbes' World's Best Banks, and Fast Company's Most Innovative Companies. For more information on Varo Advance, Varo Believe, and other offerings such as Perks, visit www.varomoney.com, like Varo Bank on Facebook, and follow Upside on Instagram, TikTok, and X @varobank. (C) 2026 Varo Bank, N.A. Member FDIC. Contact the press team. Reach out and its press team will be in touch Last possible date for an interview or receipt of content/image/etc.

Hustle Plugged
Mar 26th, 2026
How to make $500 fast: best banking & investment sign-up bonuses (2026 guide).

How to make $500 fast: best banking & investment sign-up bonuses (2026 guide). If you are looking for a way to make $500 fast without a second job or a side hustle that takes months to scale, the secret is already in your pocket. In 2026, traditional and digital banks are fighting harder than ever for new users. To win you over, they are offering massive "Customer Acquisition" bonuses. At Hustle Plugged, hustleplugged has tested these platforms. You aren't just "earning points" - you are moving money you already have into accounts that pay you to be there. By stacking the right offers, you can easily clear $500 in 30 days. Quick requirements before you start. To claim these bonuses, you generally need the following: * A smartphone and a valid U.S. Social Security Number (SSN). * A small "seed" amount of money (usually $50-$500) to move between accounts. * The ability to receive a direct deposit (for the largest bonuses). 1. The "heavy hitters": Chime & Varo ($200 total). These two banks offer the highest "effort-to-reward" ratio. They are the foundation of your $500 goal. Chime - $100 sign-up bonus. Chime remains one of the most popular banking apps because of its simplicity. * The Deal: Receive a qualifying direct deposit of $200 or more within 45 days of opening your account. * The Reward: $100 instant credit. * Pro-Tip: Once you have the account, use the SpotMe feature. It allows you to overdraft up to $200 with no fees - a lifesaver if you're in a pinch before payday. Varo - $100 sign-up bonus. Varo is a direct competitor to Chime and offers a similar, high-value incentive. * The Deal: Spend $20 using your Varo debit card AND receive total direct deposits of $500 or more within the first 30 days. * The Reward: $100. * Why hustleplugged love it: Varo has no monthly fees and no minimum balance requirements, making it a "risk-free" way to grab an extra hundred bucks. 2. The "low deposit" Wins: SoFi & OnePay ($125 total). If you don't have a large direct deposit ready, these apps allow you to trigger bonuses with much smaller amounts of money. SoFi banking & Investing - $75 total. * The Banking Side ($25): Open a SoFi Checking & Savings account and deposit at least $50. You'll see a $25 bonus hit your account shortly after. * The Investing Side ($50): Fund a new active brokerage account with at least $10. SoFi will give you $50 in free stock. * Hustle Plugged Verdict: SoFi also offers a 4.60% APY on savings, which is significantly higher than big-name banks. It's a great place to park your $500 once you've earned it. OnePay - $50 "cash+" Bonus. OnePay is a newer addition to its directory, and their current promotion is one of the easiest to complete. * The Deal: Open an account and activate the "Cash+" feature. * The Reward: $50. * Note: This offer is time-sensitive (currently valid through mid-2026), so move quickly on this one. 3. The "wildcards": robinhood & Aven ($175+ variable). Robinhood - free stock (up to $200). Robinhood started the "free stock" trend, and they are still the most reliable at it. * The Deal: Link your bank account (you don't even have to trade!). * The Reward: One share of free stock valued between $5 and $200. * The Strategy: Most people get a stock worth $10-$15, but there is a legitimate chance to hit a "Big Tech" stock like Apple or Google worth much more. Aven advisor - $5 bonus. This is the "easiest five dollars in the world." * The Deal: Download the Aven app and link a valid bank account to check your "financial health" score. * The Reward: $5. * The Referral Bonus: Once you're in, you can "spin the wheel" for every friend you refer, earning anywhere from $1 to $100 per person. Use code JADE22234 to ensure the bonus triggers. Final expert Advice: don't get "clawed back" Banks offer these bonuses to gain long-term customers. If you open an account, take the $100, and close it the next day, they may "claw back" (charge you) for the bonus. Its Advice: Keep these accounts active for at least 90 days. Use the debit cards for small purchases (like a pack of gum) once a month to show the account is "active." After 90 days, you are free to move your money elsewhere! Ready to start? Head over to its Money Making Apps Directory to get the direct download links and current referral codes for all the apps mentioned above!

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