US-based mobile banking company Varo Money has signed for Temenos’s T24 core banking system, as well as the vendor’s Lifecycle Management Suite, which will be implemented on the Temenos Cloud.


Varo Money provides mobile banking services, paired with financial health tools, to help improve the financial lives of consumers. In 2017, Varo applied for its own banking charter, which was approved in September 2018.

The project with Temenos will include implementing T24 Core Banking, as well as the Lifecycle Management Suite to support account holder relationships “from origination through servicing”. The combination will streamline Varo’s operations, support its strategy to expand its product and services, and provide a seamless, real-time customer experience across product lines and delivery channels.


Varo will roll out “an expanded line of retail banking products over time”. Varo currently offers demand deposit accounts, high-interest savings accounts, and personal loans. In the future, it may offer a full range of banking products including certificates of deposit, credit cards, and home loans.

Colin Walsh, CEO & Co-Founder, Varo Money, commented: “The next generation of consumers are looking for more affordable solutions that are technology driven. Solutions that let them solve everyday banking problems with a few taps of the phone. The ability to deliver on those expectations and empower the everyday consumer to take control of their finances is what sets Varo apart from the incumbent banks in the industry.

“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. They needed to show that they continually invested in the platform, and that they would provide the cutting-edge technology to support our current product set and long-term growth strategy. 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.”

Emily Steele, President for North America, Temenos, stated: “We are seeing exciting developments in the United States as the banking industry explores what it means to bank in a digital world. Incumbent banks are setting up digital banks alongside their own operations, and now we are starting to see fintechs moving to become banks themselves.

“We are delighted to partner with Varo on this ground-breaking venture, and leverage our company’s 25 years of expertise and industry-leading technology to fulfill Varo’s vision of creating the bank of the future. By building its new bank on a modern, open, digital banking platform that provides 24/7, real-time, straight through processing, Varo is positioning itself to provide the personalized, seamless experience consumers are looking for today.”