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Full-Time

Staff Software Engineer

Banking, Backend

Posted on 6/27/2024

Varo

Varo

501-1,000 employees

Digital banking with fee-free services

Fintech
Financial Services

Compensation Overview

$180k - $200kAnnually

Expert

Remote in USA

Category
Backend Engineering
Software Engineering
Requirements
  • 10+ years of industry experience in software development
  • Technical leadership and ownership in bringing multiple engineering functions to production
  • Experience with scalable, distributed systems with a test-first approach
  • Deep understanding of microservices and event-driven architectures
  • Experience in strong consistency in a distributed environment, transactional databases, and caching systems
  • Deep understanding of the software security practices
Responsibilities
  • Design and build scalable distributed solutions
  • Evolve core banking platform systems
  • Lead large-scale projects with a customer-first mindset
  • Mentor engineers and help build a tech culture
  • Influence technical strategy to improve products

Varo Money provides digital banking services aimed at individuals looking for accessible and affordable banking options. The company offers a fee-free banking experience, which sets it apart from traditional banks that often impose various fees. Customers can benefit from services such as receiving their paychecks up to two days early through direct deposit, cash advances of up to $500 without interest, and a credit-building service that has helped users increase their credit scores by an average of 40 points in three months. Varo operates as an independent bank with its own banking charter, ensuring that all deposits are FDIC-insured up to $250,000. The goal of Varo is to create a more inclusive banking environment that prioritizes customer needs and financial well-being.

Company Stage

Series E

Total Funding

$996.3M

Headquarters

San Francisco, California

Founded

2015

Growth & Insights
Headcount

6 month growth

-3%

1 year growth

-6%

2 year growth

-12%
Simplify Jobs

Simplify's Take

What believers are saying

  • Varo's inclusion in Inc.'s 2023 Best in Business list for the third consecutive year highlights its strong reputation and industry recognition.
  • The introduction of the 'Varo to Anyone' P2P feature positions Varo as a competitive alternative to popular services like Venmo and Cash App.
  • Varo's credit-building service, which has shown to increase credit scores by an average of 40 points in three months, offers significant long-term financial benefits for customers.

What critics are saying

  • The competitive fintech landscape, with major players like Chime and traditional banks entering the digital space, could challenge Varo's market share.
  • Rapid expansion and the introduction of new features may strain Varo's operational capabilities and customer service.

What makes Varo unique

  • Varo's fee-free banking model sets it apart from traditional banks that often charge various fees, making it a more attractive option for cost-conscious consumers.
  • The early payday feature, allowing customers to receive their paychecks up to two days early, provides a significant advantage for those living paycheck-to-paycheck.
  • Varo's independent banking charter and FDIC insurance up to $250,000 ensure a high level of security and trust for its customers.

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