The first and only consumer fintech with a national bank charter, Varo’s record revenue growth of 23,935% over a three-year period propelled it to a top spot on the prestigious Inc. 5000 list
NEW YORK and SAN FRANCISCO, Aug. 17, 2021 — Inc. magazine today announced that Varo Bank, N.A. ranked No. 7 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. This is Varo’s first appearance on the list after earning the fourth spot on the Inc. regional list in California earlier this year. The Inc. 5000 list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses. Intuit, Zappos, Under Armour, Microsoft, Patagonia, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.
“Our vision at Varo is to create a more enlightened way to provide financial opportunity for everyone. We’ve been focusing on tools, products, and insights to help our customers become more financially resilient, regardless of their background or their current financial situation. As a digital bank, we can serve underserved communities, something the traditional banking system has struggled with”, said Colin Walsh, CEO and founder of Varo Bank. “Our mission of financial inclusion–to build a bank where every person is afforded access and equity within our financial system, regardless of their net worth – is guiding everything we do as our business continues to scale.”
Varo Bank solidified its leadership in the banking industry in 2020 by becoming the first and only consumer fintech to receive its own national bank charter. Since opening its doors in 2017, the company has opened over 4 million accounts and helps its customers save money by eliminating banking fees and by offering industry-leading financial products like Save Your Pay, Save Your Change, Varo Advance, and Varo Perks, the cashback rewards program.
Not only have the companies on the 2021 Inc. 5000 been very competitive within their markets, but this year’s list also proved especially resilient and flexible given 2020’s unprecedented challenges. Among the 5,000, the average median three-year growth rate soared to 543 percent, and median revenue reached $11.1 million. Together, those companies added more than 610,000 jobs over the past three years.
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc., which will be available on newsstands on August 20.
“The 2021 Inc. 5000 list feels like one of the most important rosters of companies ever compiled,” says Scott Omelianuk, editor-in-chief of Inc. “Building one of the fastest-growing companies in America in any year is a remarkable achievement. Building one in the crisis we’ve lived through is just plain amazing. This kind of accomplishment comes with hard work, smart pivots, great leadership, and the help of a whole lot of people.”
About Varo Bank, N.A.
Varo Bank is on a mission to make financial inclusion and opportunity a reality for all – by empowering people with the products and support they need to create healthy financial habits and be in control of their finances. Varo Bank 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 effortlessly. Varo Bank is the first consumer fintech to be granted a national bank charter by the Office of the Comptroller of the Currency and was named one of Fast Company’s Most Innovative Companies for 2021 and ranked No. 7 on the 2021 Inc. 5000 list of the fastest-growing private companies in the country. For more information, visit www.varomoney.com, like Varo Bank on Facebook, and follow us on Instagram and Twitter @varomoney. Member FDIC.
More about Inc. and the Inc. 5000
Companies on the 2021 Inc. 5000 are ranked according to percentage revenue growth from 2017 to 2020. To qualify, companies must have been founded and generating revenue by March 31, 2017. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2020. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2017 is $100,000; the minimum for 2020 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to three decimal places. There was one tie on this year’s Inc. 5000. Companies on the Inc. 500 are featured in Inc.‘s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/inc5000.
About Inc. Media
The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including web sites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Vision Conference is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.com.