Company Directory - Varo Bank, Inc.
Company Details - Varo Bank, Inc.
Varo Bank, Inc.
WebsiteSan Francisco, United States
Varo Bank is a digital banking institution that provides modern financial services, including high-yield savings accounts designed to promote financial health through competitive interest rates and low fees.
CCI Score
CCI Score: Varo Bank, Inc.
-16.38
0.01%
Latest Event
Varo Bank Lobbying Spending in 2024
Varo Bank, Inc. spent $80,000 on lobbying activities in 2024, indicating efforts to influence federal policy. This spending may contribute to undermining democratic processes by channeling financial resources toward political lobbying.
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ENABLER
Varo Bank, Inc. is currently rated as an Enabler.
Latest Events
- DEC312024
Varo Bank, Inc. spent $80,000 on lobbying activities in 2024, indicating efforts to influence federal policy. This spending may contribute to undermining democratic processes by channeling financial resources toward political lobbying.
-20
Political Contributions and Lobbying Efforts
March 21
Varo Bank spent $80,000 on lobbying in 2024, which falls under the 'Political Contributions and Lobbying Efforts' category. From an anti-fascist perspective, such lobbying activities can be used to sway policy decisions in a way that undermines democratic accountability and may indirectly support authoritarian policies.
- AUG092024
Varo Bank, a digital banking institution, reportedly spent $20,000 per quarter on lobbying in 2024. While modest compared to some fintech peers, this activity contributes to a broader trend of corporate lobbying that can shape public policy in ways that undermine democratic accountability.
-20
Political Contributions and Lobbying Efforts
March 21
Varo Bank’s reported quarterly lobbying expenditure of $20,000, though lower than many of its fintech competitors, still reflects engagement in political lobbying. This behavior, under the lens of anti‑fascist scrutiny, is concerning as it represents corporate attempts to influence policymaking. Lobbying—even at modest levels—can contribute to regulatory capture and the shaping of policies favoring corporate interests, thereby indirectly supporting authoritarian practices.
- APR182023
The OpenSecrets profile for Varo Inc highlights the bank's engagement in political contributions and lobbying through its PAC activities. From an anti-fascist perspective, such contributions risk bolstering political influence that may support authoritarian policies, undermining democratic processes.
-40
Political Contributions and Lobbying Efforts
March 21
The OpenSecrets PAC profile indicates that Varo Inc. is involved in political contributions through its PAC. From a left-leaning, anti-fascist perspective, such financial support potentially enables undue political influence and can indirectly propagate policies that align with authoritarian interests. This rating reflects concerns over the broader societal impacts of corporate political financing.
- JUL222022
Varo Bank laid off 75 employees, representing 10% of its workforce, as part of a broader restructuring aimed at reducing costs and launching a new technology-focused business unit. Although severance packages and extended benefits were provided, the decision raises concerns over labor relations and the prioritization of cost-cutting over employee welfare.
-20
Labor Relations and Human Rights Practices
March 21
The decision to lay off 75 employees reflects a significant shift in the company's approach to managing its workforce during a cost-cutting restructure. Although the affected employees received severance and extended benefits, the layoffs undermine long-term job security and worker investment, raising concerns from an anti-fascist perspective regarding the protection of labor rights and fair practices.
- JUL222022
Varo Bank, a digital challenger based in San Francisco, laid off 75 employees as part of a broader cost-cutting and restructuring initiative. While the bank provided severance pay and assistance to affected workers, this move raises questions from an anti-fascist perspective about the erosion of labor stability and worker rights.
-15
Labor Relations and Human Rights Practices
March 21
The decision to lay off 75 employees, even with severance benefits in place, highlights potential issues in Varo Bank's approach to labor relations. From an anti-fascist perspective that prioritizes robust worker rights and fair labor practices, such cost-cutting measures may contribute to a broader trend of diminishing job security and worker stability, thereby aligning indirectly with economic policies that can undermine democratic economic frameworks.
Digital challenger Varo Bank lays off 75 employees in effort to cut costs
- JAN011990
Varo Bank was reported by OpenSecrets to have contributed $60,000 towards lobbying efforts. This involvement underscores the bank's participation in influencing political processes, which may support policies aligned with authoritarian interests.
-30
Political Contributions and Lobbying Efforts
March 21
The report indicates that Varo Bank contributed $60,000 to lobbying activities. Such financial engagement in political lobbying can be seen as an attempt to influence policy decisions in a manner that may favor corporate interests over democratic accountability, reflecting complicity in structures that enable authoritarian practices.
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