Mobile banking company Varo Money, Inc. today announced a multimillion dollar marketing partnership with iHeartMedia, the number one audio company in America. Under the agreement, Varo will launch an extensive three-year campaign across iHeartMedia’s multi-platform audio network, including its broadcast radio, digital, podcast, social, and live events platforms. The deal helps build further awareness of Varo as one of the most-loved challenger banking companies in the United States and will kick off with a seven-week campaign that spans the largest radio metros in the country, including radio talent out of Atlanta, Chicago, Houston, Dallas, Miami, San Francisco, Phoenix, Las Vegas, Los Angeles, and New York.
Varo, whose mission is to help every person feel better about their money and improve their financial health, has seen rapid growth since the launch of its No Fee Overdraft initiative in August 2019. The first service of its kind, Varo customers can overdraft their bank account balance up to $50 with no fee and no interest when they meet certain eligibility requirements,* offering greater flexibility for paying bills in between paychecks. Incumbent financial institutions charged $34.5 billion in overdraft fees in 2018, and the vast majority of overdraft fee revenue came from customers who could least afford it.
“Building community through our customers who live in great American cities and towns—and who connect to the trusted local radio personalities they hear every day—is central to our mission to not just improve financial standing but also empower communities that may feel underserved and overcharged by the existing traditional banking system,” said Colin Walsh, CEO and co-founder of Varo Money. “We are thrilled to work with iHeartMedia and use their unparalleled range of audio platforms to increase our local presence in cities that have the ‘Varo love.’ Varo’s trusted banking services are flexible enough to meet the diverse needs in every city, from helping transportation workers get paid early** with direct deposit to supporting teachers to save for a rainy day with automated saving tools.”
The multi-year deal with iHeartMedia, which has more than 850 radio stations and reaches a quarter of a billion consumers every month through its broadcast radio assets alone, adds momentum to Varo’s hyper-growth around the country.
“iHeartMedia reaches more than 91 percent of Americans monthly, and Varo’s important mission of financial inclusion and education is a natural fit for our audiences nationwide,” said Peter Volynsky, iHeartMedia’s Executive Vice President of Corporate Development & Ventures. “We are delighted to work with Varo to bring valuable lifetime banking services to tens of millions of Americans.”
Varo customers can save up to hundreds of dollars in bank and overdraft fees. Customers are also eligible to get paid two days faster** with direct deposit through the bank account’s Early Direct Deposit feature. They can also set up auto-savings features to build savings and earn up to 2.80% Annual Percentage Yield*** with no minimum balance requirement with a Varo Savings Account.
Varo is the first fintech company to receive preliminary approval from the Office of the Comptroller of the Currency (OCC) to open as the first mobile-first national bank.
Varo bank account services are provided by The Bancorp Bank; Member FDIC.
