Colin Walsh is the CEO and co-founder of Varo Money, which is on track to become the first mobile-centric national bank in U.S. history.
If you have a phone, you’re familiar with all the different technology offerings to share payments, buy food, pay bills, etc. There’s so much we can do with our phones these days that you almost don’t need a computer anymore (almost). What about your bank account? Up until a few years ago the thought of mobile banking was just that, a thought. In true millennial fashion, you’re breaking barriers and demanding new options when it comes to mobile banking. Enter Varo. On This Podcast Episode: I’ve been on the lookout for a mobile bank that could really meet my needs, so I’ve decided to interview a few and see what they’re all about so we could make some educated decisions about where to keep our money. On this episode, we’re talking with Colin Walsh, CEO or Varo, which offers customers a different way to bank (and a cool spot where you can request an option to be added to their bank accounts). Colin Walsh is the CEO and Co-Founder of Varo. Colin founded Varo with a specific vision: to be an indispensable financial guide for customers, with a full suite of banking and financial products. Colin has more than 25 years of experience in all areas of consumer banking at large global financial institutions, so he is perfectly positioned to do this. Varo Money, Inc. (“Varo”), is a digital banking app for the millions of ambitious, responsible millennials who are hands-off with their money and want a bank that’s going to work for them. Varo is building a mobile banking experience that helps customers cover their expenses, pay their bills, and build their wealth over time—so they can stop worrying about money and go live their lives. Shout Out To Our Sponsor: Millennial Money podcast is brought to you by Freshly. Freshly delivers fully cooked, prepared meals straight to your door. No more coming home and wondering what’s for dinner because Freshly’s team of chefs and nutritionists are here to save the day. You get to skip the shopping, chopping, and cleanup—all you have to do is heat ‘em up and BOOM, your meal is ready to eat in only 3 minutes. To try Freshly out, go to freshly.com and enter code millennial to get $20 off your first week—that’s 6 meals for just $39 plus free shipping. This offer is only valid for a limited time, so go to freshly.com and enter code millennial for $20 off and free shipping. Consider dinner done. Thanks for Tuning In: Thanks for tuning in to listen to this episode of Millennial Money. If you have any comments or questions about today’s episode, please let us know your thoughts in the comment section below. If you’ve enjoyed this episode, please share it using the social media. Also, please leave an honest review for Millennial Money on iTunes! Ratings and reviews are extremely helpful and much appreciated! You’re awesome! Want More: Shannah on Twitter Shannah on Instagram Disclosure: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) and financial strategies may be appropriate for you, consult your financial adviser prior to investing. There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes.      
I’ve been looking for a chance to do a podcast with today’s guest for months. Colin Walsh is the founder and CEO of Varo, an online tool that aims to make it easy and affordable for consumers to manage their financial lives. Colin and I first met at last year’s fintech conference hosted by the Federal Reserve Bank of San Francisco, and I’ve enjoyed, ever since, watching the rapid growth of his startup. Varo was still in development when we talked and is now in private beta, with plans to launch next year. I find them especially interesting in many ways, including that they raised $27 million this year; that the founders are very experienced banking executives; and that they are creating an ambitious product to meet multiple consumer needs at once. Maybe my favorite thing is that they are creating the Varo Bot, a chatbot that uses artificial intelligence to actually take the initiative to help customers manage daily money tasks easily and well. The move toward fintech solutions that are proactive instead of reactive is a real breakthrough, because it attacks one of the biggest obstacles to consumer financial health -- people not really understanding how best to manage their money, or just not thinking about that question before, rather than after, they spend or borrow. Varo is solving for that. Colin has two and a half decades of leadership experience with global brands in Europe and the US, including as an EVP at American Express, Managing Director at Lloyds Banking Group, and an EVP at Wells Fargo. In this episode Colin explains his motivation in undertaking a fintech startup after years at big companies. He talks about why Varo’s initial focus is simple, transparent mobile tools for millennials. He talks about the power of starting from a clean slate, with no legacy of what he calls “bad revenues,” and no challenges caused by having data “trapped in silos,” which is a major problem for banks. He also has thought-provoking advice for both banks and regulators. Here are some links: Varo is at www.varomoney.com He also refers to the book Scarcity: Why Having Too Little Means So Much, by Sendhil Mullainathan and Eldar Shafir on consumer decision-making behavior. I know you’ll enjoy hearing his insights. And more for our listeners: To help you keep up with innovators like Varo, I’ve been launching a series of social media channels that feature all my podcast guests as well as my blog posts and speeches. Sign up for my new monthly newsletter at jsbarefoot.com, head to my new facebook fan page, and please follow me on twitter.  I have some big news coming up – I’m co-founding a RegTech venture, so don’t miss hearing about it! Also, please send in your “buck a show” to support Barefoot Innovation. We now have thousands of listeners around the world, and we need support to keep the show coming and keep it timely, with my little band of part-time helpers. Support our Podcast Meanwhile, be sure to come back next time, when my guest will be the CEO of Ripple, Chris Larsen. Subscribe Sign up with your email address to receive news and updates. Email Address Sign Up We respect your privacy. Thank you!
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Creator Details

Location
San Francisco, California, USA
Episode Count
2
Podcast Count
2
Total Airtime
1 hour, 8 minutes
PCID
Podchaser Creator ID logo 670273