Varo Appoints Mary Ann Miller as Head of Fraud Strategy

Mobile banking company brings on financial services fraud expert to help shape the company’s security infrastructure and strategy

SAN FRANCISCO – September 24, 2018 – Mobile banking startup Varo Money, Inc. today announced the hire of Mary Ann Miller as Head of Fraud Strategy. Miller comes to Varo with a wealth of experience helping banks, lenders, and finance companies across the globe fight fraud. In her new role, Miller will lead Varo’s fraud prevention efforts, with an emphasis on bringing new technologies to bear as the company continues its rapid growth and delivers on its mission to help improve the financial health of its customers.

“Customer security and fraud prevention are top priorities at Varo, and few people know as much about either as Mary Ann,” said Colin Walsh, CEO of Varo. “She has decades of experience in the financial services sector, and we could not be more excited to welcome her to the team.”

For the past 25 years, Miller has pioneered the effective use of artificial intelligence and machine learning to help financial services companies develop customer-friendly ways of keeping fraud in check. Prior to joining Varo, she served as a senior director and fraud executive advisor for Actimize, where she focused on helping banks develop their digital strategies to prepare for the global wave of faster payments. She also served on the Federal Reserve Bank’s Secure Payments Task Force, where she worked with the government to advance the safety, security, and resiliency of the U.S. payments system. Miller is a well-known thought leader and regular speaker for the American Bankers Association, RSA, BITS, and various other financial services roundtables, both in the United States and abroad.

“I have had my eye on Varo for several years. You might even say I’ve had a ‘crush’ on them,” said Miller. “Here is a company with a social mission and a passionate team using modern technology to reinvent banking for the benefit of all — what’s not to love? I’m so excited to be joining this team and to bring all of my fraud expertise to bear to ensure that safety and security become core to Varo’s DNA.”

Varo’s all-mobile bank account was built with best-in-class technology to help people get ahead financially. In September 2018, Varo was granted preliminary approval for a de novo national bank charter by the Office of Currency and Comptroller. As a national bank in the future, Varo offers customers a full range of banking products and solutions with the highest standards of consumer protection.

Varo was founded in 2015 and has raised more than $79M 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”) combines mobile technology with a social mission to provide access to no-cost premium bank accounts and automated savings tools, and strives to provide better service. We believe everyone has a right to high-quality banking at no cost regardless of net worth. In addition to premium banking products offered through The Bancorp Bank, Varo provides tech-first features to budget, track, and save money as a way to help people manage their money more easily. Varo serves customers without being tied to a branch and embraces technology to provide helpful banking relationships. Based in San Francisco and Utah and privately held, Varo has raised $79M to date, led by Warburg Pincus. Varo Personal Loan and Varo Backup Line are offered by Varo Money, Inc., under state licenses, subject to application approval. For more information, please visit www.varomoney.com and follow Varo on Instagram @varomoney, Facebook @varomoney or Twitter @varomoney.

Varo Bank Accounts are provided by The Bancorp Bank, and deposits are FDIC-insured up to $250,000 through The Bancorp Bank; Member FDIC.

Press Contact

Catherine New

press@varomoney.com

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