Varo Bank — which claims to be the first all-digital, nationally-chartered U.S. consumer built from the ground up techbank — announced that it will offer Zelle® in its mobile banking app.
Zelle is described as “a safe way to send and receive money with friends, family, and small businesses you trust.”
Varo is reportedly “the first techbank to be able to offer Zelle in its app without the need to partner with a bank, solidifying Varo as a technology leader in digital banking.”
Eligible Varo customers1 can now “use Zelle in the Varo app as a fast, free2, and secure way to send and receive money between people they know and trust with a checking or savings account.”
The addition of Zelle “opens the door to the 90 million people4 in the U.S. who are driving the growth of digital banking, including those with limited or inconsistent access to traditional financial institutions.”
Colin Walsh, Founder and CEO of Varo Bank, said:
“Adding Zelle to our product lineup is our bank charter in action. We are excited to welcome millions of Americans to access Varo’s full range of benefits on our modern, secure, digital banking platform that now includes the ability to quickly send and receive money.”
Kash Baghaei, Chief Product Officer of Early Warning Services, LLC, the network operator of Zelle, remarked:
“Today, more than 150 million people have access to Zelle® directly through their banking app with no additional downloads necessary. Varo Bank customers will now have a way to send money to friends, family and others they trust, whether they need to pay back a friend for dinner, split the cost of rent with a roommate, or pitch in for a group gift.”
With its suite of products and services, Varo Bank is “reimagining the modern banking experience and providing customers with the tools they need to build financial resilience and realize their financial power.”
Other offerings reportedly “include Varo Believe5, a secured card designed to help build credit, and Varo Savings Account, which provides one of the highest Annual Percentage Yields (APYs) in the U.S.”
As noted in the update, Varo Bank claims it is “the first all-digital, nationally-chartered U.S. consumer techbank built from the ground up, designed to make financial inclusion and opportunity a reality for all.”
Varo Bank is “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 Varo 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 offering annual percentage yields up to 23x the national average.”