First U.S. Techbank Offers Free, Instant People-to-People Payments to Anyone with a U.S. Debit Card


SAN FRANCISCO, Sept. 21, 2023 - Varo Bank, N.A., the first nationally chartered consumer techbank in the U.S., today announced the official launch of "Varo to Anyone," a free, instant payments service with money sent, received, and stored from Varo Bank accounts insured up to $250,000. Varo to Anyone transfers can be sent to anyone with a U.S. debit card, no matter where they bank.

Unlike most popular payment apps, Varo to Anyone is specifically designed to send payments to anyone with no fees, backed by an FDIC-insured national bank. The speed, cost-effectiveness, and security inherent in Varo to Anyone are made possible by Varo's national banking charter and distinctive tech bank business model.

Customers will find Varo to Anyone on the "Move Money" page inside the Varo app and can send money instantly to anyone with a U.S. bank account, no matter where they bank, by allowing access to phone contacts or inputting the recipient's U.S. phone number or email manually. After sending the money, the recipient will get a text or email notification about the payment with instructions on receiving their funds by entering their debit card information in Varo Bank's portal.

"Shortly following the successful launch of Zelle, Varo is continuing its investment and innovation in payments with Varo to Anyone. We are providing the ultimate instant money flexibility, with no fee structure and the security only a bank provides," said Colin Walsh, CEO of Varo Bank. "Varo to Anyone's three-month development cycle and no-fee basis truly demonstrates Varo's bank charter with FDIC insurance in action."

Varo's focus on technology and machine learning means that it can offer an increasing range of services to help consumers living paycheck to paycheck progress in their financial lives – including higher rate savings, small-dollar advances and lines of credit. By offering a range of cost-efficient instant cash payments with a tech company's speed of innovation rather than a traditional bank, Varo passes savings on to customers through low-fee or no-fee services.

For more information about Varo, visit Varomoney.com.

About Varo Bank, N.A.

Varo Bank is a new kind of bank ⎼ the first nationally-chartered consumer techbank in the U.S., built from the ground up with a focus on the needs of Americans living paycheck to paycheck. From credit building to savings to faster payments, Varo has a complete solution to help hard working people make progress in their financial lives. Varo combines the capabilities and nimbleness of a technology company with the security and oversight of a regulated financial institution, enabling agile product design that provides technology-first solutions such as Varo Believe, a secured card to help build credit; Varo Advance, to help stretch hard-earned dollars between paychecks; and a high-yield savings account, offering rates up to one of the nation's highest APY rates. Varo has been named as one of the Inc. 5000 2023 fastest growth companies in the U.S., CNBC's 2023 list of the World's Top Fintech Companies, one of Forbes' World's Best Banks, and Fast Company's Most Innovative Companies. For more information on Varo Advance, Varo Believe, and other offerings such as Perks, visit www.varomoney.com, like Varo Bank on Facebook, and follow us on Instagram and Twitter @varobank. ©2023 Varo Bank, N.A. Member FDIC.

Media Contact: Audrey Jacobson, Consort Partners
varobank@consortpartners.com

SOURCE Varo Bank