Challenger banking Varo chooses Feedzai for enterprise fraud prevention

Tuesday 2 April 2019 14:10 CET | News

Varo Money, a challenger banking company, has teamed up with Feedzai to fight financial crime with artificial intelligence.

The challenger bank offers a mobile-only banking platform focused on customer experience. The company offers customers no-cost premium bank accounts and high-interest savings accounts via one mobile app ran through The Bancorp Bank. Varo has been granted preliminary approval for a de novo national bank charter by the Office of the Comptroller of the Currency (OCC).

Based in San Francisco and Utah and privately held, Varo has raised USD 165M to date, led by Warburg Pincus. Varo Personal Loans are offered by Varo Money, under state licenses, subject to application approval.

Feedzai provides the single risk engine for multiple use cases across the enterprise for Varo, all of which will run on cloud-based deployment. Founded and developed by data scientists and aerospace engineers, Feedzai has one mission: to make banking and commerce safe. The world’s largest banks, processors, and retailers use Feedzai’s fraud prevention and anti-money laundering products to manage risk, while improving customer experience.

For more information about Feedzai, please check out a detailed profile of this company in our dedicated, industry-specific online company database.

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Keywords: Varo Money, Feedzai, AI, financial crime, money laundering, digital bank, client onboarding, US
Countries: World

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