SAN FRANCISCO, April 28, 2022 — Varo Bank, N.A., the first all-digital, nationally chartered bank in the U.S., today announced the appointment of Spencer Rascoff, Co-Founder and former CEO of Zillow to Varo’s Board of Directors. Rascoff joins Varo’s Board to continue to scale Varo, a one of a kind bank, built from the ground up, designed specifically for the needs of the digital era.
Rascoff is a seasoned entrepreneur, company leader, and active angel investor in over 100 companies. He is the Co-Founder of Pacaso, Recon Food, Queue, Path, dot.LA and 75 & Sunny Ventures. Rascoff is highly experienced in fostering the growth of innovative companies so they can become renowned household names. During Spencer’s time as CEO, Zillow grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization.
“Spencer joins us during a crucial period of growth for the bank and the digital banking industry at large,” said Colin Walsh, Varo Bank’s Founder and Chief Executive Officer. We are thrilled to add Spencer to our team as we continue to build a different kind of financial institution – a bank that works for everyone striving to build a better future – from those with abundance to people struggling to make ends meet.”
Rascoff has a strong background in board membership as a former board member of Zulily, Julep, and Trip Advisor. Currently, he serves as Board Member of Palantir Technologies, Co-Chair of the Board of Directors at Supernova Partners, Chairperson at Queue, Chair of the Board of Directors at Pacaso, and Chair of Path. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003.
“The banking system can’t be reimagined solely by the people that are already in it,” said Rascoff. “Varo has wisely assembled a wide array of talent in consumer technology who can work with the company’s first-rate banking professionals. This will allow the bank to continue to launch features and products that customers can use to achieve their goals, while navigating uncertain economic conditions. I share Varo’s mission of removing structural financial barriers and I’m thrilled to help the company expand its business model.”
Just earlier this month. Varo announced its new savings rate, over 80 times the national average, to lessen the impact of rising inflation on its customers that enables them to continue to build financial resilience.
About Varo Bank, N.A.
Varo Bank is the first all-digital, nationally chartered U.S. consumer bank built from the ground up, designed to make financial inclusion and opportunity a reality for all. Varo Bank is reimagining the modern banking experience and providing customers with the tools they need to build financial resilience and realize their financial power – with offerings such as Believe, a secured card to help build credit, Varo Advance to help stretch hard-earned dollars between paychecks, the ability to earn cashback at 1,000 merchant locations nationwide, and a newly launched high yield savings account option, more than 80x the national average. A different kind of financial institution – Varo Bank serves everyone striving to build a better future – from those with abundance to people struggling to make ends meet. Varo has been named one of Forbes’ World’s Best Banks in 2022, Fast Company’s Most Innovative Companies, and ranked No 7 on the Inc 5000 list of fastest growing companies for 2021. For more information on Varo Advance, Perks, and the upcoming Believe program, visit www.varomoney.com, like Varo Bank on Facebook, and follow us on Instagram and Twitter @varobank. Member FDIC.