Today The Bancorp and Varo Money, Inc., a mobile-only banking start-up that will help consumers gain greater control of their financial lives, have signed an agreement whereby The Bancorp Bank will provide private label banking services to support Varo mobile checking and savings account products.
In May of 2016, Varo announced that it had received a financing round of more than $27 million led by private equity firm Warburg Pincus. Varo will be an intelligent mobile bank providing an integrated checking account with a debit card, savings and lending products via a mobile app, a 24/7 digital financial coach that will offer proactive insights, analysis of spending and real-time budgeting and access to and integration with popular finance apps through an in-app marketplace.
Varo has engaged its early customers to help co-develop the product features and tools and is working with several partners and a panel of millennial advisors for additional development and delivery. Varo intends to launch its beta product to a closed group of users later this year.
We are very pleased to be selected as Varo's payments partner. The Bancorp is committed to providing financial services that meet—and exceed—client expectations. We are focused on providing Varo a critical platform that will allow for the fullest execution of its business plan. We look forward to a long and prosperous partnership with Varo that will enhance both of our organizations.