Varo

Varo Bank has laid off 97 employees as part of a restructuring effort to reduce costs and move toward profitability. The cuts primarily affect the contact center and remote deposit capture group, which are being outsourced. This reduction represents a streamlining of operations for the digital banking company, which remains well-capitalized and focused on product innovation and customer growth. Impacted staff have been notified and will receive transition support. The layoffs were announced in early 2023 as Varo aims to strengthen its financial position while continuing to serve its customer base.

Varo laid off 75 employees on 2022-07-20.