Inc. magazine today announced that Varo Bank, N.A. ranked No. 7 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. This is Varo’s first appearance on the list after earning the fourth spot on the Inc. regional list in California earlier this year. The Inc. 5000 list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses. Intuit, Zappos, Under Armour, Microsoft, Patagonia, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.
“Our vision at Varo is to create a more enlightened way to provide financial opportunity for everyone. We’ve been focusing on tools, products, and insights to help our customers become more financially resilient, regardless of their background or their current financial situation. As a digital bank, we can serve underserved communities, something the traditional banking system has struggled with”, said Colin Walsh, CEO and founder of Varo Bank. “Our mission of financial inclusion–to build a bank where every person is afforded access and equity within our financial system, regardless of their net worth – is guiding everything we do as our business continues to scale.”
Varo Bank solidified its leadership in the banking industry in 2020 by becoming the first and only consumer fintech to receive its own national bank charter. Since opening its doors in 2017, the company has opened over 4 million accounts and helps its customers save money by eliminating banking fees and by offering industry-leading financial products like Save Your Pay, Save Your Change, Varo Advance, and Varo Perks, the cashback rewards program.
Not only have the companies on the 2021 Inc. 5000 been very competitive within their markets, but this year’s list also proved especially resilient and flexible given 2020’s unprecedented challenges. Among the 5,000, the average median three-year growth rate soared to 543 percent, and median revenue reached $11.1 million. Together, those companies added more than 610,000 jobs over the past three years.
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc., which will be available on newsstands on August 20.
“The 2021 Inc. 5000 list feels like one of the most important rosters of companies ever compiled,” says Scott Omelianuk, editor-in-chief of Inc. “Building one of the fastest-growing companies in America in any year is a remarkable achievement. Building one in the crisis we’ve lived through is just plain amazing. This kind of accomplishment comes with hard work, smart pivots, great leadership, and the help of a whole lot of people.”
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