Latest news with #Varo
Reuters
09-07-2025
- Business
- Reuters
Gunvor plans to halt oil terminal activities at Europoort refinery
LONDON, July 9 (Reuters) - Global commodities trading house Gunvor intends to mothball the terminal activities at its Europoort oil refinery in Rotterdam, Netherlands, a company spokesperson said on Wednesday. Gunvor will consult the works council at the refinery over its plans, the spokesperson added. Seven months ago the company announced its intention to mothball the processing units at the refinery and use it as a terminal only. Gunvor said the decision to mothball the terminal was taken because of an "uncertain investment climate in the Netherlands", a statement read without providing further detail. The company added that energy transition projects it is developing at the site, including a deal with Varo to produce sustainable aviation fuel, will not be affected.
Yahoo
11-06-2025
- Business
- Yahoo
Exclusive: Varo's new tech chief views responsible AI as differentiator
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Amid plenty of artificial intelligence buzz, establishing a robust foundation for responsible AI innovation is essential, said Rathi Murthy, the new chief technology officer at Varo. Implementing new technologies only where they deliver genuine value to customers is crucial in Murthy's eyes. 'I have a strong belief that technology is not built for the sake of technology. Technology has to have a purpose,' Murthy told Banking Dive. After joining Varo, Murthy saw the need for two critical roles within the company: a chief architect to ensure the technology architecture remains scalable and secure, and an engineering strategy and operations executive. She hired FS Nooruddin and Payal Carpenter as Varo's chief architect and engineering strategy and operations executive, respectively. Both executives previously worked with Murthy at American Express, Gap and Yahoo and are helping her establish necessary diligence and structure at Varo. The San Francisco-based digital lender has been using data and AI for its underwriting, fraud detection and risk compliance, while also incorporating personalization across the customer's journey. Responsible AI makes the 'right nudges [to] this huge opportunity…to make this experience about you and me,' rather than cookie-cutter, she said. This is an area that Murthy wants to explore and closely monitor. Still, Varo executives don't rush into new technologies unless they provide 'meaningful impact' to its customers, she added. Murthy took the helm of the technology unit at Varo in March. She replaces Sachin Shetty, the former tech chief who left the company in August 2024. In April, Varo's former CEO, Colin Walsh, handed the baton to Gavin Michael. Murthy spoke along the lines of Michael, who also emphasized the importance of AI and machine learning in underwriting for the neobank's low-dollar loan offerings, fraud prevention and detection, and in delivering data-driven customer experiences with enhanced personalization. 'We are building out a leadership team around Gavin that can help us go faster and smarter and build a team that is bold in their thinking and responsible risk-taking, and curiosity to take advantage of innovation where it matters,' which she referred to as 'a change.' Murthy was CTO and president at Expedia for about three years before joining the lender. She's also been CTO at Verizon Media and Gap, and chief information officer at American Express. At Varo, Murthy plans to leverage her experience at Expedia, which partnered with OpenAI as an early adopter of ChatGPT plugins. The team she headed at Expedia built models on top of existing systems to ensure security and governance and used AI to solve customer problems, like summarizing thousands of hotel reviews. 'I'm always looking at smarter ways that we can take advantage of modular technology to build faster,' Murthy said. She wants to focus on building differentiators for Varo. 'Data and AI is our secret sauce,' she said, adding that Varo's charter is also its winning formula, 'protecting [the charter] and making sure we focus on going as fast to deliver value through our partners, through buying the right technology and building the areas that matter.' Varo became the first nationally chartered all-digital consumer bank from the Office of the Comptroller of the Currency in July 2020. Varo, built as a digital-first platform, has an edge over other banks trying to maintain legacy systems while balancing innovation and creating new features, she asserted. It's a 'trade-off that is very challenging' for those banks, Murthy said. Varo's cloud-native technology differentiates it from its competitors, while its modular architecture helps the lender to focus on 'being purposeful' in what and how it's building, according to Murthy. The lender's modular architecture helps to break down the banking software into smaller, independent components, while each component handles specific business functions and can be updated independently. Varo intends to lean on things like its partnership with Visa to offer 'friction-free' services to its customers, she said. Varo may add other services to support its core banking aim, such as lending products with faster decision-making, Murthy said. Customer feedback is also important, and Murthy is keen to listen to customers to understand the patterns that draw more 'good customers' and keep the bad ones at bay. 'The better our models get, the better our data gets, the more you are able to take in more signals,' Murthy said. 'You can determine fraudsters proactively and make it friction-free for the ones who are coming with the right intention.' She wants to ensure Varo's tech strategy prizes customer experience, addressing their needs through in-house innovation or partners whose services enhance customer experience. Varo seeks to embed security protocols and automated compliance within its technology, using identity management and data protection tools while enhancing monitoring capabilities. The lender is working to mature its Supernova model, the in-house decision-making platform, to better interpret customer responses. 'We just need to keep feeding the engine and maturing the engine as we go,' Murthy said. Murthy has established an 'architecture guild' at the company that reviews all new features, technologies, and tools; it includes participants from across product and engineering teams, not just leadership. The team is tasked with flagging any security concerns for additional testing. 'We are continuing to lean in on building out the products that we have, and continue to drive those products in an exceptionally well manner,' Murthy said. Sign in to access your portfolio
Business Wire
11-06-2025
- Business
- Business Wire
Varo Bank Welcomes Rathi Murthy as Chief Technology Officer, Strengthening Commitment to Customer Financial Empowerment
SAN FRANCISCO--(BUSINESS WIRE)-- Varo Bank, the first all-digital nationally chartered bank in the U.S., today announced the appointment of Rathi Murthy as its new Chief Technology Officer. Murthy's arrival reinforces Varo's dedication to empowering customers through innovative technology, aligning with the bank's mission to help everyday Americans make progress in their financial lives. 'Rathi's deep knowledge and impressive track record of digital transformation and implementing industry-leading AI make her the ideal technology leader to move Varo forward.' Rathi Murthy has been at the tech forefront for more than 25 years as a transformative Chief Technology Officer in a career that includes leadership roles at global companies including Expedia, Verizon, Gap, American Express, eBay and Yahoo. Rathi's appointment highlights Varo's commitment to empowering more customers through the development and adoption of technologies such as AI to improve access to financial services, transform how the bank assesses credit risk, and combat fraud. 'It's important to lean on innovation to address the financial needs of everyday Americans,' said CEO Gavin Michael. 'Rathi's deep knowledge and impressive track record of digital transformation and implementing industry-leading AI make her the ideal technology leader to move Varo forward.' Murthy's appointment comes as Varo approaches the fifth anniversary of being awarded its bank charter. With a focus on new digital tools and products, Varo continues to grow the Varo Bank app and evolve its technology infrastructure while giving its customers the security of a fully regulated bank. Along with specializing in AI and large-scale platform integration, Murthy, also an advocate for women in technology, mentors aspiring leaders. A board member of PagerDuty, a digital operations SaaS company and advisor for the University of San Francisco, Murthy's arrival at Varo dovetails with her enduring commitment to help companies get faster and smarter with technology solutions. 'The mission of Varo – to provide everyday Americans with the most advanced financial tools – perfectly aligns with my personal and professional ethos,' Murthy said. 'Varo is using technological innovation to ensure everyone is able to build financial resilience. I am very excited about joining Varo to see this even more fully realized.' About Varo Bank Varo Bank is a new kind of bank - the first nationally chartered consumer tech bank in the U.S., built from the ground up with a focus on the needs of Americans striving to get ahead. From credit building to savings to faster payments, Varo has a complete solution to help everyday Americans make progress in their financial lives. Varo combines the capabilities and nimbleness of a technology company with the security and oversight of a regulated financial institution, enabling agile product design that provides technology-first solutions such as Varo Believe, a secured card to help build credit; Varo Advance, to help stretch hard-earned dollars between paychecks; and a high-yield savings account, offering one of the nation's highest APYs. Varo has been named as one of the Inc. 5000 2024 fastest growth companies in the U.S., CNBC's 2024 list of the World's Top Fintech Companies, one of Forbes' World's Best Banks, and Fast Company's Most Innovative Companies. For more information on Varo Advance, Varo Believe, and other offerings such as Perks, visit like Varo Bank on Facebook, and follow us on Instagram and Twitter @varobank. ©2025 Varo Bank, N.A. Member FDIC.
Irish Times
19-05-2025
- Entertainment
- Irish Times
New Irish albums reviewed and rated: The Would-Be's, Varo, Curtisy and Pete Holidai
The Would Be's: HindZeitgeist (Roundy Records) ★★★★☆ The Would Be's were stalked by several big record labels back in the 1990s, but notions of mainstream commercial success quickly unravelled. The Co Cavan band persevered fitfully, split up and then returned with all their original members almost 15 years ago. Some bands are best left to memory, but HindZeitgeist shows that there's always room for indie-pop melodies that linger in the sunshine. Stay Tuned is a superb James Bond theme song in waiting. That's How It Gets You is a shoo-in for a song of the summer, and Stupid Little Heart is a love anthem that Johnny Marr would be happy to have written. It continues with a persistent DIY superiority: three Finnegan brothers (guitarist Matty, bassist Eamonn, drummer Paul), one sassy saxophonist/trombonist (Aidine O'Reilly) and one quality singer (Julie McDonnell). Varo: The World That I Knew (Self-released) ★★★☆☆ Varo – Lucie Azconaga and Consuelo Nerea Breschi – have been integral to Ireland's trad/folk scene for about a decade. During this time they've gathered like-minded musical friends and delved into the song archives. The aim of this resourceful collaborative album, which sees the Dublin-based duo perform with John Francis Flynn, Ruth Clinton, Niamh Bury, Junior Brother, Ian Lynch, Anna Mieke and Lemoncello, among others, is to highlight the value of authentic human experiences, good and bad, across the centuries. Between elegant versions of Green Grows the Laurel (with Flynn), Let No Man Steal Your Thyme (with Lemoncello) and Work Life Out to Keep Life In (with Bury), Azconaga and Breschi have achieved that and more. Curtisy: Beauty in the Beast (Brook Records) ★★★★☆ Hot on the heels of last year's RTÉ Choice Music Prize nomination for What Was the Question, his debut album, the Dublin rapper Curtisy releases a collaborative 12-track mixtape that sieves happiness out of hopelessness. Working with the producer Hikii (who arranged several tracks on What Was the Question), the new songs flow smoothly across a blend of sample-heavy soul/jazz-influenced hip-hop. There's a particularly smart cinematic sensibility on tracks such as Fuss, Milk & Honey, Eyes, RIP2ME and The Necessary Evil, the collection's standout track, which includes a sample of Bela Lugosi as Dracula. Curtisy's lyrics and delivery are equal to those of any contemporary rapper you care to mention. Pete Holidai: Electric Jukebox Volume One (Pilgrim Sounds) ★★★☆☆ Anyone who fancies playing a game of spot the glam-rock music act can safely listen to Electric Jukebox without fear of boredom. The latest solo album from the stellar musician and producer Pete Holidai pays homage to the music that foreshadowed punk rock. A New Revolution is such a New York Dolls tribute that you can almost taste the lipstick, Daydream Girl has David Essex channelling Roxy Music, and We Had a Vision is the cheekiest blend of two David Bowie songs you know very well. In other words, this is good, clean fun delivered by someone who knows what's what every which way and inside out. Volume Two soon, if you don't mind.
Yahoo
25-04-2025
- Business
- Yahoo
Varo Bank review (2025): High-yield online banking with no hidden fees
Summary: Founded in 2015, Varo Bank is an online bank with a handful of product offerings, including checking, savings, and credit options. While this bank's product list is on the shorter side, it does offer low-cost, high-yield account options for customers who want to avoid fees and maximize their saving potential. Varo Bank was ranked as one of our 10 best online banks for 2025. Varo currently offers the following products and account options: Varo's checking account doesn't come with any monthly fees or overdraft charges, and as an added feature, customers can get paid up to two days earlier thanks to its early direct deposit feature. There are no minimum deposit requirements to open an account and you don't need to maintain a minimum balance to avoid fees. Varo offers a high-yield savings account that pays up to 5% APY on balances up to $5,000, and 2.5% APY on balances higher than $5,000. You can also use the account's saving tools to automatically save a portion of each paycheck or round up purchases to the nearest dollar, depositing the difference directly in your savings account. This account doesn't have a minimum opening deposit or minimum balance requirement. The Varo Believe credit card is a credit-building card that has no minimum security deposit, no annual fee, and does not charge interest. There's no credit check needed to apply for the card, and applying does not impact your score. Additionally, Varo Believe Card customers, on average, see a 40+ point increase in their credit score after three months of on-time payments, according to the bank. To qualify for a Believe Credit-Builder card, you must have a Varo bank account with no negative balance or overdue cash advance, and you must receive qualifying direct deposits of $200 or more in the last month. Users set their own credit limit, which is equal to the available balance in your Varo Believe account. Varo Advance allows customers to borrow a cash advance for surprise expenses. To qualify, your Varo account must be active and in good standing, with no negative balance. You'll also need at least $800 in total qualifying direct deposits to your Varo checking or savings account, or both combined, in the current or last calendar month. Varo will determine the amount you're eligible for, which is initially $250. After you've established a history of on-time payments, you may qualify for higher amounts up to $500. There is a one-time advance fee ranging from $1.40 to $40, depending on the amount you borrow. You have up to 30 days to pay back what you owe. Varo Bank customers can borrow up to $2,000 with a Varo Personal Line of Credit. There is a single flat fee with no interest and repayment terms as long as 12 months. There are no late fees or prepayment penalties and your credit limit can grow over time as you establish a positive repayment history. This embedded content is not available in your region. Varo Bank charges few fees; there are no monthly maintenance fees on deposit accounts or overdraft fees. However, customers may be subject to fees for specific services: ATM withdrawal fee (out of network): $3.50 per transaction Over the counter (OTC) cash withdrawal: $2.50 per transaction Cash deposits via third-party money transfer services: The deposit location may charge up to $5.95 There are a few major pros and cons customers should note before banking with Varo Bank. No monthly maintenance fees: Varo Bank doesn't charge monthly maintenance fees on deposit accounts No overdraft fees: If you don't have sufficient funds in your account to cover the charge, Varo Bank will decline or return the transaction. You will never be charged an overdraft fee. No minimum balance requirements: Accounts are free to open and don't require a minimum opening deposit or minimum balance to earn interest or avoid fees. Limited product offerings: Varo Bank only offers checking and savings account in addition to its credit and cash advance products. If you're looking for a greater variety of financial products, this could be a major drawback. No physical branches: Varo Bank operates exclusively online. While that translates to high-yield, low-cost account options, it can be a drawback for those who prefer in-person banking assistance. Cap on top savings APY: Varo Bank offers up to 5% APY on high-yield savings account balances, but this is limited to the first $5,000. Higher balances earn just 2.5% APY. Varo Bank customers can reach a support representative in-app through a 24/7 live chat feature and specialized support via telephone 7 days a week between 7:00 a.m. and 8:30 p.m. ET. Customer support is closed on federal holidays. Varo customers can bank primarily through the Varo app which allows you to check balances, get real-time transaction alerts, transfer funds via Zelle, and even check your credit score. The app is available for download on the App Store and Google Play and has a rating of 4.9 and 4.7, respectively. The Varo Impact Program is focused on giving back to the community through initiatives that promote financial literacy, inclusion, and empowerment. Some of its past initiatives include a partnership with the Aspen Institute to urge the Treasury Department to address financial inclusion gaps in the U.S. It also partnered with EVERFI to roll out personal finance curriculum to nearly 2,400 middle schools. Varo previously joined in on an initiative to help small business owners through financial support and professional mentorship. Yes. Varo Bank is a real, FDIC-insured bank with a national bank charter. Yes. Varo customers can use Zelle via the Varo mobile app to send and receive money with no fees. You can deposit money into your account instantly when transferring funds through an eligible platform such as Zelle, PayPal, or Square. You can also deposit up to $1,000 cash per day into your Varo account during checkout at participating Green Dot retailers. Check deposits can be made via Varo's mobile app, which offers remote check deposit capabilities.
