US fintech Varo Bank has today gone live with Temenos to undergo innovation and offer its customers digital banking products.

Varo was recently granted a national bank charter in the US, making it the first fintech to do so. Through the collaboration, Varo hopes to advance the financial wellbeing of millions of Americans underserved by traditional banks.

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Colin Walsh, founder and CEO of Varo Bank, said: “Varo was founded with a clear vision to deploy a more efficient business model and cutting-edge technology in order to create a new kind of bank – one that is wholly designed around the financial health and wellbeing of the everyday American consumer.

“From the start, we knew this vision needed to be supported by having a national bank charter and an innovative technology partner like Temenos.  After a three and a half year journey, I’m thrilled that Varo has made history as the first US consumer fintech to receive a national bank charter.”

Supported by Temenos

Varo’s services are now supported by Temenos Transact core banking technology hosted in the cloud.

Temenos’ technology will enable the bank to deploy new features and products. It will also allow Varo to automate its back office, reducing costs.

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Max Chuard, Temenos CEO, said:  “Congratulations to Varo for achieving this unprecedented banking charter milestone. This marks a new beginning for digital banking in the US and Temenos is proud to have supported Varo on this exciting journey.

“Temenos cloud technology will help Varo accelerate its impressive track record of growth, innovation and social impact. We are pleased to see strong traction in the US market across all our products as we continue to support banks to deliver value to their customers.

“We’re delighted to have accomplished this revolutionary milestone with Varo and look forward to supporting their continued growth in this next exciting phase.”