SAN FRANCISCO – March 17, 2020 – All-digital banking company Varo Money, Inc. today announced it has named Lisa Violet as Chief Auditor. Lisa brings 20 years of experience in both technology and financial services sectors. Prior to joining Varo Money, she served as the Chief Risk Officer at the Federal Home Loan Bank of San Francisco from 2017 to 2019. From 2014 to 2017 she was the Chief Audit Executive at Hitachi Data Systems (now Hitachi Vantara), where she oversaw a global team responsible for internal audit and business continuity.
“We are thrilled to have Lisa join the Varo team as a critical hire as we prepare to open Varo Bank, NA,” said Colin Walsh, CEO and founder of Varo. Varo announced approval for its FDIC insurance application on February 10, 2020, marking a key step forward in the process to open as the first all-digital fintech bank. “Lisa’s experience not only covers banking and technology, it also covers all sizes of banking institutions which adds to the breadth and depth of our seasoned executive team.”
Lisa has served in a number of senior positions in the banking industry and her experience runs the gamut from covering technology at Scotia Capital, to turnaround management at a community bank (Bank of the Orient), and audit and risk executive roles with a specialization in transformation initiatives and capital management at super-regional banks (MUFG Union Bank) as well as major financial institutions such as Wells Fargo & Company. Her professional career began at PriceWaterhouseCoopers. She is a Chartered Accountant and received her B.A. in Management Accounting from the University of Waterloo, Canada.
“The intersection of technology and banking is the next frontier for financial services. To be at the forefront with Varo is exciting; we can develop and influence new approaches to retail banking that will have a tremendous impact on consumers,” Lisa said.
“Technology, data, and shared infrastructure-driven business models are here to stay, continue to innovate rapidly, and transform traditional underlying controls, processes, and risk management approaches. As Chief Auditor I will lead independent assessments of the effectiveness of Varo’s internal controls and risk management systems. Varo is helping bring new relevance to financial services and to expand financial inclusion with a huge population of US consumers who have been underserved and overcharged by the incumbent banks.”
Lisa has served on several non-profit boards and is currently serving on the board of Girls Scouts of Northern California and its Audit Committee, and was recently appointed to the Board of Trustees of San Francisco Girls’ School, an independent high school focused on STEM.
Varo Bank, N.A. is currently in formation to obtain a final national bank charter upon completion of organizational steps and satisfaction of the OCC’s conditions and Federal Reserve membership. Upon full charter approval, Varo plans to expand to additional types of services including credit cards, loans, and additional savings products.
Varo Money, Inc. (“Varo”) is on a mission to help people make progress with their financial lives. In one mobile app, Varo offers customers premium bank accounts that have no minimum balance requirement or monthly account fee, high-interest savings accounts, and tech-first features to help people save and manage their money more easily. As a fintech leader, Varo has been granted preliminary approval for a de novo national bank charter by the Office of the Comptroller of the Currency (OCC), and is working to become the first mobile-centric national bank in U.S. history.
Bank account services provided by The Bancorp Bank; Member FDIC