Having recently won preliminary approval for a national bank charter, San Francisco-based fintech startup Varo Money has struck a deal with Swiss core banking vendor Temenos to implement it T24 platform. Co-founded by former Wells Fargo executive Colin Walsh, Varo Money has raised $79 million in funding over the past two years and currently provides a range of mobile banking services, paired with financial health tools.With its banking charter pending, the firm is moving to create its own technology platform to expand its portfolio of millennial-friendly financial products on a national scale, providing a wider range of services in all 50 states.The project with Temenos will include implementing T24 Core Banking as well as the Lifecycle Management Suite which will be implemented on the Temenos Cloud, allowing the freshly-minted bank to scale as new products such as certificates of deposit, credit cards, and home loans are added to its suite of savings and loan products. Colin Walsh, CEO & Co-Founder, Varo Money, comments: "When looking for a core banking platform, we weren’t just looking for a vendor and a system, we wanted a provider that would truly partner with us in order to achieve our vision. Temenos was able to demonstrate that they had the commitment and world-class technology to support a strategy that was customer-centric instead of product-centric, and deliver on the real-time, omni-channel experience we are crafting for our customers.” The contract is the latest in a string of wins with startup banks for Temenos, which earlier this month announced separate deals with Australian challenger bank Judo Capital and Greek startup Praxia.
Varo Money will implement Temenos’ T24 Core Banking system, the bank has announced. The San Francisco-based fintech start-up has secured more than $79m in funding in the last two years and recently won preliminary approval for a national bank charter. Varo now wants to create its own tech platform as it seeks to expand its range of services targeted at millennials nationwide. The bank will also use Temenos’ cloud-based Lifecycle Management Suite to expand its business to include credit cards, home loans and other products.