SAN FRANCISCO – February 26, 2019 – Mobile banking startup Varo Money, Inc. today announced the hire of Deep Varma as Chief Technology Officer. Varma will lead Varo’s product development engineering, data science and infrastructure, and security and technical operations teams. Varma comes to Varo with more than 20 years of Silicon Valley experience creating consumer-focused products, developing platform experiences that use artificial intelligence and big data, and building world-class engineering teams.
“We’re thrilled to have Deep join our team as we build banking services for the future, one that uses data and machine-learning to serve customers,” Colin Walsh, co-founder and CEO of Varo Money, said. “His extensive experience building and leading teams at top Silicon Valley consumer companies will help us scale and serve millions of people so we can help them succeed financially.”
Prior to Varo, Varma was Vice President of Engineering at Trulia (part of Zillow Group), where he led all engineering functions across the Trulia business, including web, mobile, analytics, data science, data warehouse and all other backend systems including personalization and search. He has also held senior engineering management roles at Yahoo!, ABB, IBM, Bazaarvoice and two startups, Zuberance, and TradeSeam.
Varma holds advanced degrees from the University of Berkeley, California and the Institute of Management Technology (IMT), and an undergraduate degree in computer science from Delhi University, India.
“I used three criteria when making the decision to join Varo: leadership with a growth mindset, the mission of the company, and ability to meaningfully use technology to disrupt the status quo,” Varma said. “I’m thrilled to join Varo’s leadership team to create a better way of banking that may help millions of people improve their financial lives.”
Varo is working to become the first mobile-centric national bank in U.S. history, and believes banking should be fee-free, easy, and accessible to everyone through a smartphone. In August 2018, Varo was granted preliminary approval for a national bank charter by the Office of the Comptroller of the Currency (OCC). Operating as a national bank would allow Varo to offer customers an expanded range of banking products and solutions with the continued highest standards of consumer protection.
Varo was founded in 2015 and has raised more than $144M in funding with Warburg Pincus and The Rise Fund, a global impact fund led by private equity firm TPG as lead investors.
About Varo Money
Varo Money, Inc. (“Varo”) is on a mission to redefine banking so it’s easy for everyone to make smart choices with their money. In one mobile app, Varo offers customers no-cost¹ premium bank accounts and high-interest savings accounts offered through The Bancorp Bank, and tech-first features to help people 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. Based in San Francisco and Utah and privately held, Varo has raised $144M to date, led by Warburg Pincus. Varo Personal Loans are offered by Varo Money, Inc., under state licenses, subject to application approval. For more information, visit www.varomoney.com, like Varo on Facebook, and follow us on Instagram and Twitter @varomoney.
¹Varo charges no fees for banking services. While Varo does not charge fees for ATM withdrawals, some third-party ATM operators may charge a fee. To avoid ATM fees altogether, customers can use an Allpoint® Network ATM. There are more than 55,000 Allpoint locations worldwide.
Bank Account Services provided by The Bancorp Bank; Member FDIC.