Challenger Banking Company Varo Chooses Feedzai for Enterprise Fraud Prevention, Preparing for Continued Rapid Scale
SAN FRANCISCO--(BUSINESS WIRE)--Apr 2, 2019--Varo Money LLC (Varo), a leading challenger banking company, and Feedzai, the leader in fighting financial crime with artificial intelligence, today announced a new partnership. Varo’s continued growth will be bolstered by Feedzai’s fraud-prevention platform, which provides purpose-built machine learning for risk prevention with a focus on customer experience and flexibility to scale along with the rapidly growing bank.
Varo is on track to become the first mobile-centric national bank in the history of the United States, pending charter approval by the Office of the Comptroller of the Currency (OCC). Varo has a mission to improve customers’ financial lives. To help achieve these goals, Varo has chosen Feedzai as their enterprise fraud prevention partner, further enabling the company’s focus of using the best possible technology to offer customers enhanced experiences without added friction.
As Varo builds new technology to be more performant than legacy banking incumbents, it also offers an intelligent mobile-only banking platform focused on better customer experience. Varo can onboard new customers seamlessly, safely and at scale with the confidence that Feedzai’s machine learning platform is safeguarding the enterprise. By building omnichannel financial crime prevention into the core of the platform, Varo is paving the way to be the leader in the next generation of banking.
“Customer security and experience is a top priority at Varo,” Colin Walsh, CEO of Varo, said. “Our partners all reflect our commitment to delivering the best possible banking experience to every customer.”
Feedzai provides the single risk engine for multiple use cases across the enterprise for Varo, all of which will run on cloud-based deployment. The flexibility and ease of onboarding new applications means that the bank can continue to scale its fraud prevention need as they continue to expand globally.
“Varo and Feedzai approach the world through the same framework of what will be best for customers, and how can we use technology to make that happen,” said Nuno Sebastiao, Feedzai CEO and co-founder. “We’re proud to be working with a leader in the transformation of digital banking.”
Varo Money, Inc. (“Varo”) is on a mission to redefine banking so it’s easy for everyone to make smart choices with their money. In one mobile app, Varo offers customers no-cost premium bank accounts and high-interest savings accounts offered through The Bancorp Bank, and tech-first features to help people manage their money more easily. As a fintech leader, Varo has been granted preliminary approval for a de novo national bank charter by the Office of the Comptroller of the Currency (OCC), and is working to become the first mobile-centric national bank in U.S. history. Based in San Francisco and Utah and privately held, Varo has raised $165M to date, led by Warburg Pincus. Varo Personal Loans are offered by Varo Money, Inc., under state licenses, subject to application approval. For more information, visit www.varomoney.com, like Varo on Facebook, and follow us on Instagram and Twitter @varomoney.
Feedzai is the market leader in fighting fraud with AI. We’re coding the future of commerce with today’s most advanced risk management platform powered by big data and machine learning. Founded and developed by data scientists and aerospace engineers, Feedzai has one mission: to make banking and commerce safe. The world’s largest banks, processors, and retailers use Feedzai’s fraud prevention and anti-money laundering products to manage risk, while improving customer experience.
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE SECURITY MOBILE/WIRELESS PROFESSIONAL SERVICES BANKING FINANCE
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PUB: 04/02/2019 06:53 AM/DISC: 04/02/2019 06:53 AM