Full-Time

Principal Software Engineer

Fraud

Posted on 6/11/2024

Varo

Varo

501-1,000 employees

Digital banking with fee-free services

Fintech
Financial Services

Compensation Overview

$220k - $280kAnnually

Expert

Remote in USA

Category
Backend Engineering
FinTech Engineering
Software Engineering
Requirements
  • 15+ years of industry experience in software development leading large and strategic high-impact areas in business
  • 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 software security practices
Responsibilities
  • Partner with the engineering team to help design, build, and evolve the core banking/lending infrastructure for a bank for all of us
  • Design and build scalable distributed solutions that our customers can build their lives around
  • Work with product managers to understand business requirements to build the next-generation banking/lending platform
  • Lead large-scale projects from ideation to creation with a customer-first mindset
  • Identify areas of opportunity and innovation and take these projects to the finish line
  • Define technical strategy with a drive to improve products, infrastructure, processes, or organizations
  • Mentor engineers and work cross-functionally with various engineering and product teams

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 is 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

Late Stage VC

Total Funding

$1B

Headquarters

San Francisco, California

Founded

2015

Growth & Insights
Headcount

6 month growth

0%

1 year growth

0%

2 year growth

0%
Simplify Jobs

Simplify's Take

What believers are saying

  • Increased demand for digital banking boosts Varo's customer base.
  • Gen Z and Millennials prefer digital-first banking, benefiting Varo's growth.
  • Open banking trends allow Varo to offer innovative, integrated services.

What critics are saying

  • Competition from Venmo and Cash App may hinder Varo's P2P growth.
  • Reliance on partnerships for deposits exposes Varo to operational risks.
  • Fee-free services might limit revenue if customer acquisition costs rise.

What makes Varo unique

  • Varo offers fee-free banking, unlike traditional banks with various fees.
  • Varo provides early payday options, giving customers quicker access to their money.
  • Varo's credit-building service helps customers improve credit scores by 40 points in three months.

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