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I spent 25 years in traditional banking. I saw how banks profited from punishing low-income customers. I started Varo to fix it.
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We're the first consumer fintech with a national bank charter. That's a massive competitive advantage.
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Overdraft fees cost Americans $35 billion annually. That's a tax on being poor. Varo charges zero.
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The bank charter lets us hold deposits and lend directly. That changes the economics completely.
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We've burned through nearly $1 billion. Building a bank from scratch is expensive. But being a real bank is worth it.
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The path to profitability runs through lending. The charter lets us do that. No other neobank can say that.