Varo Bank Welcomes Allen Parker as Chief Financial Officer, Promotes Raktim Mitra to Chief Lending Officer

Rhea-AI Summary

Varo Bank, N.A. appoints Allen Parker as the new Chief Financial Officer and promotes Raktim Mitra to Chief Lending Officer, leveraging their extensive experience from companies like Zillow, Amazon, Goldman Sachs, and Lending Club.

Insights

Financial Analyst

With the appointment of Allen Parker as Chief Financial Officer, Varo Bank is poised to enhance its financial strategies and operations. Parker's extensive experience at companies like Zillow, Amazon and General Electric suggests a proficiency in scaling financial processes in technology-driven environments. His role will be pivotal in overseeing Varo Bank's financial activities, including treasury and M&A, which are critical for maintaining the bank's growth trajectory in the competitive digital banking sector.

Investors should monitor how Parker's financial stewardship influences Varo Bank's fiscal management and investment strategies. His background indicates potential for introducing innovative financial models and cost-management techniques that could improve Varo Bank's profitability and market share.

Banking Industry Analyst

Raktim Mitra's promotion to Chief Lending Officer signals Varo Bank's commitment to expanding its lending services. Mitra's experience with Goldman Sachs and Lending Club provides him with a deep understanding of consumer and small business lending, which will be invaluable as Varo Bank seeks to grow its borrowing and lending products. This strategic focus on lending is a clear attempt to tap into a lucrative market segment and could lead to increased revenue streams for Varo Bank.

Stakeholders should consider how Mitra's innovative approach to lending might differentiate Varo Bank's offerings in the market. The development of unique lending products could attract new customers and increase customer retention, contributing to Varo Bank's long-term success.

Parker's Experience at General Electric, Amazon, and Zillow, Combined with Mitra's Lending Roles at Goldman Sachs and Lending Club, Bolsters a Robust Leadership Team 

SAN FRANCISCO, March 19, 2024 /PRNewswire/ -- Varo Bank, N.A., the first nationally-chartered consumer techbank in the U.S., is pleased to announce the appointment of Allen Parker as its new Chief Financial Officer. Additionally, Raktim Mitra has been promoted to Chief Lending Officer after helping to build the company's lending business in his previous role as Head of Lending.

Allen Parker joins Varo Bank with over 35 years of operational finance experience, having previously served as the Chief Financial Officer of real estate tech company Zillow (Nasdaq: Z), where he played a pivotal role in architecting and scaling critical operational processes to support Zillow Group's strategy to better serve their customers with a broader suite of innovative products and services to help customers sell, buy or rent their next home. His track record of financial stewardship extends to key positions at prominent companies, including as a VP of Finance in various leadership roles at Amazon for 13 years and roles at General Electric, Trane Residential Systems, and more.

In his new role at Varo Bank, Parker will lean on his pedigree in combined financial and tech leadership and proven track record of driving growth to oversee the accounting, finance, treasury, investor relations, M&A, and tax functions for Varo Bank as it scales its digital banking and lending offerings.

Raktim Mitra will expand his existing responsibilities at Varo Bank with his promotion to Chief Lending Officer by overseeing the key development of borrowing and lending products, a strategic growth area for the company. Before joining Varo Bank in 2022, Raktim amassed significant experience in launching and scaling multiple businesses across consumer and small business lending. He held leadership roles at Lending Club, Goldman Sachs and Discover, among others. 

"We are pleased to welcome Allen Parker to the team while also elevating Raktim to Chief Lending Officer from within at this exciting time for the company," shared Colin Walsh, founder and CEO of Varo Bank. "Allen's strategic financial acumen, tech industry knowledge, and leadership skills will be critical as we prepare to scale our business, while Raktim's track record of innovation excellence in lending will accelerate our ability to develop products that make an impact with our customers."

"After years of guiding finance teams through the dynamic realms of the tech industry, I'm thrilled to step into the role of CFO at a pioneering techbank," stated Allen Parker. "Varo Bank's unique structure, which merges the agility of a tech firm with the stability of a bank because of its charter, is a perfect challenge for me, and I'm eager to contribute to the company's next stage of  growth."

"I am honored and excited to take on the role of Chief Lending Officer at Varo Bank," said Raktim Mitra. "I eagerly anticipate taking this next step, guiding our talented lending team to shape the future of lending by delivering solutions that empower our customers to achieve their financial goals."

About Varo Bank, N.A.

Varo Bank is a new kind of bank ⎼ the first nationally-chartered consumer techbank in the U.S., built from the ground up with a focus on the needs of Americans living paycheck to paycheck. From credit building to savings to faster payments, Varo has a complete solution to help hard working 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 APY rates in the country. Varo has been named as one of the Inc. 5000 2023 fastest growth companies in the U.S., CNBC's 2023 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 www.varomoney.com, like Varo Bank on Facebook, and follow us on Instagram and Twitter @varobank. ©2024 Varo Bank, N.A. Member FDIC.

Media Contact: Audrey Jacobson, Consort Partners
varobank@consortpartners.com

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SOURCE Varo Bank

FAQ

Who is the new Chief Financial Officer of Varo Bank?

Allen Parker is the new Chief Financial Officer of Varo Bank.

What is Allen Parker's background and experience?

Allen Parker has over 35 years of operational finance experience, previously serving as the Chief Financial Officer of Zillow (Nasdaq: Z), with key roles at Amazon, General Electric, and Trane Residential Systems.

Who has been promoted to Chief Lending Officer at Varo Bank?

Raktim Mitra has been promoted to Chief Lending Officer at Varo Bank.

What is Raktim Mitra's experience prior to joining Varo Bank?

Raktim Mitra has experience in launching and scaling businesses at Lending Club, Goldman Sachs, and Discover.

What are the key responsibilities of Allen Parker as the new CFO?

Allen Parker will oversee accounting, finance, treasury, investor relations, M&A, and tax functions as Varo Bank scales its digital banking and lending offerings.

How does Raktim Mitra's promotion benefit Varo Bank?

Raktim Mitra's promotion to Chief Lending Officer will accelerate the development of borrowing and lending products, a strategic growth area for the company.