Varo Sponsoring the EVERFI Financial Literacy Bee to Support Youth Financial Education and Boost Financial Inclusion

This student challenge kicks off Financial Literacy Month and is designed to equip young people and their families with strong money management skills

News provided by

Varo Bank

Apr 01, 2021, 07:00 ET

SAN FRANCISCO, April 1, 2021 /PRNewswire/ -- Varo Bank, the first all-digital nationally chartered bank in the US, today announced that it is sponsoring the EVERFI Financial Literacy Bee taking place April 1-15, 2021. The EVERFI Financial Literacy Bee is a nationwide financial literacy challenge for high school students across the country.

Varo's sponsorship of the EVERFI Financial Literacy Bee is another demonstration of its social impact mission, aimed at advancing financial inclusion and opportunity for all. Varo's premium banking products are designed to help customers build and sustain a strong financial foundation.

"The pandemic has shone a bright light on the financial vulnerability of most Americans, with 40 percent of American consumers reporting that they had trouble paying at least one bill or expense in 2020," said Ray Martinez, co-founder, and president, EVERFI. "We've always been committed to helping students increase their financial literacy, and during this historic time, we are also working to help parents feel more comfortable having dinner-table conversations about money. The Financial Literacy Bee is a fun way for students to learn important strategies to increase savings."

The virtual challenge, created by social impact education innovator EVERFI, and supported by leading financial institutions nationwide, features four short digital lessons followed by a capstone essay contest in which students share a short-term or long-term savings goal and outline their plan to achieve that goal. Winners of the EVERFI Financial Literacy Bee will receive a total of $20,000 in college scholarships.

"I am incredibly excited to partner with EVERFI on the Financial Literacy Bee and advance our shared mission to promote financial education and inclusion," said Colin Walsh, CEO and founder of Varo Bank, N.A. "Access to quality financial education at an early age is foundational to a healthy relationship with money throughout life."

Varo reimagines the traditional banking experience by offering all-digital premium banking products designed to support financial inclusion and opportunity for its customers and their communities. Varo features up to two day early payroll deposits,* savings accounts with rates that pay several times the national average, and Varo Advance,** a short term cash advance line of credit that allows qualifying customers to access up to $100 as needed right in the Varo Bank app. Varo recently announced the Believe Program*** designed to help Varo customers safely build or repair their credit, without fees or upfront security deposits.

About EVERFI, Inc.
EVERFI is an international technology company driving social change through education to address the most challenging issues affecting society ranging from financial wellness to prescription drug safety to workplace conduct and other critical topics. Founded in 2008, EVERFI is fueled by its Software-as-a-Service (SaaS) community engagement platform and has reached more than 41 million learners globally. In 2020, the company was recognized as one of the World's Most Innovative Companies by Fast Company and was featured on Fortune Magazine's Impact 20 list. Some of America's leading CEOs and venture capital firms are EVERFI investors including Amazon founder and CEO Jeff Bezos, Google Chairman Eric Schmidt, Twitter founder Evan Williams, as well as Advance, Rethink Education, Rethink Impact, The Rise Fund, and TPG Growth. To learn more about EVERFI and how you can #answerthecall please visit everfi.com or follow us on Facebook, Instagram, LinkedIn, or Twitter @EVERFI.

About Varo Bank, N.A.
Varo Bank is on a mission to make financial inclusion and opportunity a reality for all - by empowering people with the products and support they need to create healthy financial habits and be in control of their finances. Varo Bank offers customers premium bank accounts that have no minimum balance requirement or monthly account fee, high-interest savings accounts, and tech-first features to help people save and manage their money effortlessly. Varo Bank is the first consumer fintech to be granted a national bank charter by the Office of the Comptroller of the Currency and was named one of Fast Company's Most Innovative Companies for 2021. For more information, visit www.varomoney.com, like Varo Bank on Facebook, and follow us on Instagram and Twitter @varomoney. Member FDIC.

*Early access to direct deposit funds depends on the timing of the payer's submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer's scheduled payment date.

**Varo Advance is a small dollar line of credit that must be repaid on time to continue access to the credit line. Fees apply. Product eligibility and terms are available in the Varo Advance Account Agreement.

***The Varo Believe credit card must be repaid on time to avoid late charges. Continued use of the Varo Believe credit card is contingent upon timely payment. Product terms are available in the Varo Believe Account Agreement & Disclosures.

Media Contact: Consort Partners for Varo Bank, [email protected]

SOURCE Varo Bank