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.
About Varo
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.
Contacts
For Varo:
inquiries@varomoney.com
The Bancorp Media Relations:
Rob Tacey, Director, Public
Relations
302-385-1418
rtacey@thebancorp.com
The Bancorp, Inc. Investor Relations:
Andres Viroslav, Director, Investor
Relations
215-861-7990
aviroslav@thebancorp.com
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SOURCE Varo Money, Inc.