Varo Money,  a mobile-only banking start-up that will help consumers gain greater control of their financial lives, and The Bancorp Bank 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.