Summary: Varo Bank and the Varo Money online banking platform do not offer any products or services which enable customers to buy stocks. This means that Varo customers will need to register with a FINRA-licensed brokerage in the United States to buy stocks, ETFs and other assets.
If you are looking to get started quickly, we recommend the eToro platform because they offer fast and cheap USD deposits from Varo. The eToro broker also charges zero fees on over 8,000 stocks, ETFs, commodities, cryptocurrencies and more.
How to Buy Stocks with Varo Bank online
The best way to buy stocks with a Varo online banking account is through a licensed and regulated brokerage platform like eToro. With this method, Varo account holders would transfer US Dollars from their bank account onto eToro via ACH Transfer, Debit Card or Credit Card to securely invest in stocks.
You can get started in 4 steps with this simple guide:
- Sign up to eToro: Register to the eToro trading platform.
- Deposit USD: Find the Deposit Funds button and transfer USD from your Varo Bank account.
- Find Asset: Find the Stock, ETF or another asset you want to buy on the eToro platform.
- Buy Stock: Input the USD amount you want to invest and execute your trade.
Can I buy Varo Bank Stocks?
Investors in the United States cannot buy Varo Bank stocks because it is not a publically listed company. The company is currently privately held and recently raised over $510 million at a $2.5 billion valuation from leading investors like Berkshire Partners, BlackRock, Lone Pine Capital and others.
What is Varo Bank?
Varo Bank is a digital bank which offers mobile and online checking accounts with no monthly fees, foreign transaction fees or minimum balance requirements. Customers also receive a free Varo Visa® Debit Card which can be used to make purchases and withdrawals at 55,000+ Allpoint ATMs worldwide. The company also offers competitive rates on savings products and personal loans.
Varo was founded in 2015 by Colin Walsh and Alex Goldman with the mission to help people live better lives by eliminating financial stress. The company is headquartered in San Francisco, CA and has raised over $800 million since its inception from leading investors including Warburg Pincus, Peter Thiel, Harbert Growth Partners and others.
Varo is a member of the FDIC and an Equal Housing Lender.
What is the Varo Money App?
The Varo Money App is a mobile application which enables customers to open a mobile checking account, high-yield savings account, or personal loan through the Varo Money app. The app is available for download on the App Store and Google Play.