Varo’s business updates and highlights

Varo is actively pursuing strategies to bolster profitability, encompassing optimizing costs through an outsourced customer contact center, enriching user experience, and cultivating organic visitor growth. Notably, the implementation of SEO optimization and chatbot services led Varo to achieve impressive results: a substantial 49% decrease in variable servicing costs from January 2022 to June 2023, alongside a commendable 19% reduction in customer acquisition costs between Q1 and Q2.

Varo's Notable Achievements:

1.      CNBC Recognition: Varo proudly revealed its inclusion in CNBC's 2023 list of the world's top 200 fintech companies. This prestigious ranking was determined through an analysis conducted by Statista Inc., a leading statistics portal and industry ranking provider. The study scrutinized over 1,500 individual firms to identify the foremost players in the fintech realm.

2.      Enhanced Credit Services: On July 26, Varo Bank introduced a fresh product feature offering complimentary credit score checks. Through the Varo app, customers can access their credit scores without charge, enabling them to initiate the journey towards better credit health.

3.      Innovative Q3 Launch: Varo is gearing up to launch "Varo to anyone" in the third quarter. This pioneering feature empowers customers to make instant, fee-free payments, and its anticipated network effects are poised to contribute to revenue growth.

Additional Progress:

Varo unveiled its latest initiative, the "Varo Prosperity Podcast." This podcast show underscores Varo's commitment to financial equity by addressing intricate financial challenges often overlooked by the traditional banking industry.

For more details, refer to: Varo's official announcement and Varo Prosperity Podcast launch.