Competitors
Varo Bank
varomoney.com
Varo Bank is a mobile-first financial institution offering online bank accounts, debit cards, and various lending products. It focuses on providing fee-free banking, early access to paychecks, and tools for building credit and saving money.
Rationale
Varo Bank offers several features that align with the Cash App concept. They provide instant peer-to-peer transfers through 'Varo to Anyone', a free Visa debit card, and early direct deposit up to two days faster. Additionally, they emphasize fraud monitoring and security, and offer a 'Save Your Change' feature which is a round-up savings tool. While Varo offers banking services, loans, and credit building, it does not explicitly offer commission-free stock trading or bitcoin trading, which are key 'must-have' features for Cash App.
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