The face of money
Just last month, we celebrated the legacy of Dr. King on what would have been his 92nd birthday and the historic swearing-in of our first black female Vice President, Kamala Harris. As we commemorate Black History this month, it’s remarkable to consider the progress we’ve made, the tragic journey it took to get here, and certainly, the work we have left to do.
Diverse representation across our institutions is an essential step on our path to an inclusive future. At Varo, we understand the power that can come from every individual feeling heard and represented. That is why we support the Biden administration’s effort to redesign the $20 bill and put a portrait of Harriet Tubman front and center. This powerful movement to update the face of the $20 bill embodies the efforts being made to form a more inclusive America.
We recognize that this one change by itself is insufficient — we have so much work to do to make our country more equal, more inclusive, and full of opportunity for all of us. But representation matters — and this is a just and proper step on the journey we must continue to take together.
Having spent many years in the traditional financial services industry before founding Varo, I saw a world that catered mostly to the haves, and had little time for the have nots. I made a personal choice to put my energy into building a more fair and just world, working with a talented, multi-cultural team to create a bank that is designed for all of us.
Our country has endured much over the last 12 months. In 2020, we saw a once in a century pandemic disrupt every facet of life and, as of this writing, it has tragically taken the lives of over 400,000 Americans. It was also a year of appalling racist attacks and a social movement that rose up to say enough is enough — the system must change. 2020 was also the year when we saw the steepest rise in the poverty rate since the 1960s.
From these challenges in 2020 we begin a new era, led by a new government, with the promise of vaccines to combat the pandemic, and with renewed hope for our path together as a nation. One of the more encouraging signals from the first few days of the new administration and the new Congress is the focus on issues of social and economic justice — and the explicit link between the two.
This link is a foundational thesis of Varo’s impact mission. A critical component of stronger and safer communities is a healthier relationship with money that starts with the individual and extends outward. This means access to a fair wage, good benefits, affordable necessities, the ability to save to purchase a home and retire — and a bank that acts as a true partner in that financial journey. Varo is designed to be that partner in financial inclusion for every American — we succeed only when our customers succeed.
This is the core of the bank we’ve built over the past 5 years, but there is more we need to do — both as a mission-driven digital bank and as a society. One important step is to reimagine the physical manifestation of our money to represent America as we are — and the heroes who advanced us on our journey to form a more perfect union.
