SAN FRANCISCO and WILMINGTON, Del., Sept. 14, 2016 /PRNewswire/ -- Varo Money, Inc. ("Varo" or "the Company"), a mobile-only banking start-up that will help consumers gain greater control of their financial lives, and The Bancorp, Inc. (NASDAQ: TBBK) announced today that they have signed an agreement whereby The Bancorp Bank will provide private label banking services to support Varo mobile checking and savings account products.
Varo has also signed agreements with Galileo Processing, Inc. to provide payment and transaction processing services; Socure, Inc. for digital identity verification services; and Cachet Financial Solutions Inc. for mobile check deposit.
Colin Walsh, Chief Executive Officer ("CEO") and Co-Founder of Varo, commented, "We are excited to bring on partners of this caliber to support our business. Varo is making great progress toward our mission to create a next generation bank that gives consumers greater control, and we look forward to future milestones."
"We are very pleased to be selected as Varo's payments partner," said Damian Kozlowski, CEO and President, The Bancorp. "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."
Varo has engaged its early customers to help co-develop the product features and tools that will help build positive spending, savings and borrowing habits to achieve better financial outcomes. Varo will be an intelligent mobile bank providing an integrated checking account with a debit card, savings and lending products via a mobile app. It will include a 24/7 digital financial coach that will offer proactive insights, analysis of spending and real-time budgeting. Varo will also provide access to and integration with popular finance apps through an in-app marketplace.
Varo intends to launch its beta product to a closed group of users later this year, and is in active discussions with partners to support its planned lending activities. 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 Money, Inc. is a financial technology company based in San Francisco, California. Varo was founded on the belief that there is a better way to bank that will help improve the financial outcomes of a generation of consumers. Varo is working with several partners and a panel of millennial advisors to develop and deliver an innovative banking experience in the U.S. For more information please visit www.varomoney.com.
About The Bancorp
With operations in the US and Europe, The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500. The company's primary subsidiary, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (U.S.), a top merchant sponsor bank, and a top ACH originator. Specialized lending distinctions include National Preferred SBA Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial leasing groups in the nation. For more information, please visit www.thebancorp.com.
The Bancorp Media Relations:
Rob Tacey, Director, Public Relations
The Bancorp, Inc. Investor Relations:
Andres Viroslav, Director, Investor Relations
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SOURCE Varo Money, Inc.