Varo Bank, N.A., the first all-digital, nationally chartered bank in the U.S., today announced the appointment of Spencer Rascoff, Co-Founder and former CEO of Zillow to Varo's Board of Directors.
Rascoff joins Varo's Board to continue to scale Varo, a one of a kind bank, built from the ground up, designed specifically for the needs of the digital era.
Rascoff is a seasoned entrepreneur, company leader, and active angel investor in over 100 companies. He is the Co-Founder of Pacaso, Recon Food, Queue, Path, dot.LA and 75 & Sunny Ventures. Rascoff is highly experienced in fostering the growth of innovative companies so they can become renowned household names. During Spencer's time as CEO, Zillow grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization.
"Spencer joins us during a crucial period of growth for the bank and the digital banking industry at large," said Colin Walsh, Varo Bank's Founder and Chief Executive Officer. We are thrilled to add Spencer to our team as we continue to build a different kind of financial institution - a bank that works for everyone striving to build a better future - from those with abundance to people struggling to make ends meet."
Rascoff has a strong background in board membership as a former board member of Zulily, Julep, and Trip Advisor. Currently, he serves as Board Member of Palantir Technologies, Co-Chair of the Board of Directors at Supernova Partners, Chairperson at Queue, Chair of the Board of Directors at Pacaso, and Chair of Path. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003.
"The banking system can't be reimagined solely by the people that are already in it," said Rascoff. "Varo has wisely assembled a wide array of talent in consumer technology who can work with the company's first-rate banking professionals. This will allow the bank to continue to launch features and products that customers can use to achieve their goals, while navigating uncertain economic conditions. I share Varo's mission of removing structural financial barriers and I'm thrilled to help the company expand its business model."
Just earlier this month. Varo announced its new savings rate, over 80 times the national average, to lessen the impact of rising inflation on its customers that enables them to continue to build financial resilience.