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.”