The Future of Digital Banking
Varo is a U.S.-based digital bank with a national banking charter, providing a full suite of core retail banking services through a mobile-first platform. The company offers checking and savings accounts, debit cards, credit products, and personal financial management tools, with a focus on simplicity, transparency, and the elimination of hidden fees. Varo operates on its own banking infrastructure, differentiating it from non-bank fintech solutions and enabling direct regulation under U.S. banking authorities. The platform is designed to serve underserved customer segments by expanding access to essential banking services beyond traditional financial institutions.
Why We Invested
Almak Capital invested in Varo, viewing licensed digital banking as the next stage in the evolution of retail financial services. The investment thesis was driven by Varo’s ability to combine fintech agility with the regulatory resilience of a fully chartered bank. Key drivers included Varo’s national banking charter, vertically integrated operating model, focus on long-term customer economics, and potential to scale its product offering. Almak Capital views Varo as a structural beneficiary of the shift from traditional banking toward fully digital financial ecosystems.
