August 21 — Thibault Fulconis, recent vice chairman, corporate functions and chief operating officer for Bank of the West, has left the world of traditional banking and joined mobile banking startup Varo Money Inc. as chief financial officer. In this role, he will oversee all financial, treasury, regulatory reporting and accounting operations, working directly with CEO Colin Walsh.
Prior to his most recent role at Bank of the West, Fulconis oversaw the commercial banking and national finance business units of the bank as well as the corporate development, and served as vice chairman in charge of finance.
“I’ve worked in banking and financial services for many years, and I feel fortunate to put my knowledge and experience to work for a company with such an important social mission,” Fulconis said. “The team at Varo Money brings unique experience and energy to this space. I’m energized to be part of this movement towards a better banking system.”
Founded in 2015, Varo applied for a national bank charter in June 2016. It has since raised more than $79 million in funding with Warburg Pincus and The Rise Fund. Its bank accounts are provided by The Bancorp Bank and deposits are FDIC-insured up to $250,000 through the same institution.
The company’s mission statement reads, “We believe everyone has a right to high-quality banking at no cost regardless of net worth. In addition to premium banking products offered through The Bancorp Bank, Varo provides tech-first features to budget, track and save money as a way to help people manage their money more easily. Varo serves customers without being tied to a branch and embraces technology to provide helpful banking relationships.”