Varo Bank, N.A., which claims to be the first all-digital, nationally chartered bank in the US, has announced the appointment of Spencer Rascoff, Co-Founder and former CEO of Zillow to Varo’s Board of Directors.
Rascoff joins Varo’s Board to continue “to scale Varo, a one-of-a-kind bank, built from the ground up, designed specifically for the needs of the digital era.”
As mentioned in the update, Rascoff is “a seasoned entrepreneur, company leader, and active angel investor in over 100 companies.”
The announcement further noted that Rascoff is “the Co-Founder of Pacaso, Recon Food, Queue, Path, dot.LA and 75 & Sunny Ventures.”
Rascoff “is highly experienced in fostering the growth of innovative companies so they can become renowned household names.” During Spencer’s time as CEO, Zillow reportedly grew to more than 4,500 workers, $3B in revenue, and $10B in market capitalization.
Colin Walsh, Varo Bank‘s Founder and Chief Executive Officer, stated:
“Spencer joins us during a crucial period of growth for the bank and the digital banking industry at large. We are thrilled to add Spencer to our team as we continue to build a different kind of financial institution – a bank that works for everyone striving to build a better future – from those with abundance to people struggling to make ends meet.”
As noted in a release, Rascoff has “a strong background in board membership as a former board member of Zulily, Julep, and Trip Advisor.”
Currently, he serves “as Board Member of Palantir Technologies, Co-Chair of the Board of Directors at Supernova Partners, Chairperson at Queue, Chair of the Board of Directors at Pacaso, and Chair of Path.”
Prior to Zillow, Spencer “co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003.”
Rascoff remarked:
“The banking system can’t be reimagined solely by the people that are already in it. Varo has wisely assembled a wide array of talent in consumer technology who can work with the company’s first-rate banking professionals. This will allow the bank to continue to launch features and products that customers can use to achieve their goals, while navigating uncertain economic conditions. I share Varo’s mission of removing structural financial barriers and I’m thrilled to help the company expand its business model.”
Just earlier this month. Varo “announced its new savings rate, over 80 times the national average, to lessen the impact of rising inflation on its customers that enables them to continue to build financial resilience.”
As mentioned in the update, Varo Bank claims to be “the first all-digital, nationally chartered U.S. consumer bank built from the ground up, designed to make financial inclusion and opportunity a reality for all.”
Varo Bank further notes that it is focused on “reimagining the modern banking experience and providing customers with the tools they need to build financial resilience and realize their financial power – with offerings such as Believe, a secured card to help build credit, Varo Advance to help stretch hard-earned dollars between paychecks, the ability to earn cashback at 1,000 merchant locations nationwide, and a newly launched high yield savings account option, more than 80x the national average.”
A different kind of financial institution – Varo Bank “serves everyone striving to build a better future – from those with abundance to people struggling to make ends meet.”