SAN FRANCISCO – August 21, 2018 – Mobile banking startup Varo Money, Inc. today announced the hire of Thibault Fulconis as Chief Financial Officer. Fulconis has extensive experience in financial management and joins Varo from the executive team of Bank of the West and its holding company BancWest. He will serve as the company’s Chief Financial Officer, overseeing all financial, treasury, regulatory reporting and accounting operations, and will work directly with CEO Colin Walsh to support the company as it rapidly scales and delivers its business plan.
“We are excited to welcome Thibault to Varo,” said Colin Walsh, CEO of Varo. “He brings decades of experience in the banking sector, and his unique blend of strategic insights and financial rigor make him an ideal executive to lead the finance function at Varo as we pursue our mission to redefine banking and help customers make smart financial choices.”
At Bank of the West, Fulconis served as Vice Chairman, Corporate Functions and Chief Operating Officer. Prior to that role, he oversaw the Commercial Banking and National Finance business units of the bank, and the Corporate Development, and served as Vice Chairman in charge of Finance. Before his tenure at Bank of the West, he held various positions, mostly in Finance, with parent company BNP Paribas since 1989. He served as CFO and Head of Development for the International Retail and Financial Services pole of BNP Paribas and as Head of Financial Management for the BNP Paribas Group. Before joining BNP Paribas, Fulconis was a business analyst in the mergers and acquisitions practice with Booz Allen Hamilton in Paris.
“I’ve worked in banking and financial services for many years and I feel fortunate to put my knowledge and experience to work for a company with such an important social mission,” said Fulconis. “The team at Varo Money team brings unique experience and energy to this space. I’m energized to be part of this movement towards a better banking system.”
Varo’s all-mobile bank account was built with best-in-class technology to help people get ahead financially. In June 2016, Varo applied for a national bank charter to be able to deliver on its mission to help Americans achieve better financial health nationwide, offering customers a full range of products and solutions and 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 Bank Accounts are provided by The Bancorp Bank, and deposits are FDIC-insured up to $250,000 through The Bancorp Bank.
Varo Money, Inc. (“Varo”) combines mobile technology with a social mission to provide access to no-cost premium bank accounts through better service and automated savings tools. 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 or Twitter @varomoney.