Varo Bank Ranked on 2024 Inc. 5000 Fastest Growing Private Companies List, Marking 4th Year in a Row

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Aug 15, 2024, 08:00 ET

NEW YORK, Aug. 15, 2024 /PRNewswire/ -- Inc. recently revealed that Varo Bank has been ranked on the 2024 Inc. 5000, its annual list of the fastest-growing private companies in America. The prestigious ranking provides a data-driven look at the most successful companies within the economy's most dynamic segment—its independent, entrepreneurial businesses. Microsoft, Meta, Chobani, Under Armour, Timberland, Oracle, Patagonia, and many other household-name brands gained their first national exposure as honorees on the Inc. 5000.

"We're honored to be recognized on the Inc. 5000 list of Fastest Growing Private Companies in the U.S. for the fourth consecutive year," said Colin Walsh, Chief Executive Officer at Varo Bank. "This achievement aligns with the fourth anniversary of our national charter, highlighting our unique position as a fully chartered techbank. Unlike most fintechs that depend on intermediaries, our status enables us to offer innovative, cost-effective financial solutions directly to price-sensitive Americans. Our consistent growth over this period reflects our unwavering commitment to creating opportunities for customers to achieve financial stability and success."

The Inc. 5000 class of 2024 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. Among this year's top 500 companies, the average median three-year revenue growth rate is 1,637 percent. In all, this year's Inc. 5000 companies have added 874,458 jobs to the economy over the past three years.

For complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location, and other criteria, go to www.inc.com/inc5000. All 5000 companies are featured on Inc.com starting Tuesday, August 13, and the top 500 appear in the new issue of Inc. magazine, available on newsstands beginning Tuesday, August 20.

"One of the greatest joys of my job is going through the Inc. 5000 list," says Mike Hofman, who recently joined Inc. as editor-in-chief. "To see all of the intriguing and surprising ways that companies are transforming sectors, from health care and AI to apparel and pet food, is fascinating for me as a journalist and storyteller. Congratulations to this year's honorees, as well, for growing their businesses fast despite the economic disruption we all faced over the past three years, from supply chain woes to inflation to changes in the workforce."

Since our placement in last year's Inc. 5000 list, we have rapidly expanded our Varo Bank services and product offerings. To help our customers struggling to navigate the challenges of higher inflation and rising interest rates, we've introduced several features designed to ease financial stress. Our high-yield savings account offers competitive rates to help customers' money grow faster, while our automated savings tools encourage building a financial cushion. We've also enhanced our budgeting features and financial education resources to help customers make informed decisions in this challenging economic environment. Following the launch of Varo to Anyone, boosting the Varo Advance limit up to $500, and introducing the Varo Line of Credit, we've updated the Varo Bank app to include free, nationwide tax preparation and filing services via Column Tax, as well as upgraded account spending insights with a Smart Ledger, making it easier to track incoming and outgoing funds to maintain a balanced budget.

More about Inc. and the Inc. 5000

Methodology

Companies on the 2024 Inc. 5000 are ranked according to percentage revenue growth from 2020 to 2023. To qualify, companies must have been founded and generating revenue by March 31, 2020. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2023. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2020 is $100,000; the minimum for 2023 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places.

About Inc.

Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.'s award-winning work achieves a monthly brand footprint of more than 40 million across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since its launch as the Inc. 100 in 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit www.inc.com.

About Varo Bank, N.A.

Varo Bank is a new kind of bank ⎼ the first nationally chartered consumer tech bank in the U.S., built from the ground up with a focus on the needs of Americans striving to get ahead. From credit building to savings to faster payments, Varo has a complete solution to help everyday Americans make progress in their financial lives. Varo combines the capabilities and nimbleness of a technology company with the security and oversight of a regulated financial institution, enabling agile product design that provides technology-first solutions such as Varo Believe, a secured card to help build credit; Varo Advance, to help stretch hard-earned dollars between paychecks; and a high-yield savings account, offering one of the nation's highest APYs. Varo has been named as one of the Inc. 5000 2024 fastest growth companies in the U.S., CNBC's 2024 list of the World's Top Fintech Companies, one of Forbes' World's Best Banks, and Fast Company's Most Innovative Companies. For more information on Varo Advance, Varo Believe, and other offerings such as Perks, visit www.varomoney.com, like Varo Bank on Facebook, and follow us on Instagram and Twitter @varobank. ©2024 Varo Bank, N.A. Member FDIC.

CONTACT:
Audrey Jacobson, Consort Partners
[email protected]

SOURCE Varo Bank