Varo Bank, N.A., the U.S.’s first nationally-chartered consumer techbank, announces it has been named to CNBC’s 2023 list of the top 200 global fintech companies.
Presented by CNBC and partnered with Statista Inc., the world-leading statistics portal and industry ranking provider, Statista analyzed over 1,500 individual firms across nine market segments to determine the top fintech companies across digital payments, lending, financing, and other banking sectors. Varo Bank was honored with a spot on the inaugural list under the Neobanking category.
“We are delighted to be placed on CNBC’s list of the World’s Top Fintech Companies, and this is the perfect way to celebrate the third anniversary of our bank charter,” shared Pepe Porrata, COO of Varo Bank. “We are using our position within the regulatory system to provide Americans living paycheck to paycheck with banking safety and lower fees. Varo is truly a ‘category of one’ bank for all of us.”
The Varo Believe credit-building offering launched in 2021 can help participants increase their credit scores. Additionally, by allowing customers to instantly borrow up to $250 with a very low fee, Varo Advance has helped customers bridge paycheck gaps to maintain positive cash flow without paying high fees and a high yield savings rate that is one of the highest in the country.