Varo Bank Brings On Wook Chung as Chief Product Officer

A FinTech neobank is gearing up for even greater expansion by bringing some new talent on board. Last week, Varo Bank announced that it had appointed Wook Chung as its Chief Product Officer. According to the company, Chung will lead the bank’s vision and initiatives. He will also serve as a key figure of Varo Tech, which looks to blend data, technology, and design. Chung replaces Jon Alferness, who joined Varo in February 2022 but left in November to become EVP and chief product officer for Walmart U.S.

Prior to Varo, Chung was most recently the VP of Product, Design & Engineering at fellow FinTech-turned-bank SoFi. There, he managed product experiences with a focus on growth, risk, and fraud. Chung also previously worked for Facebook, Twitter, Google, and other major tech firms.

The hiring of Chung comes as Varo has continued to update its product and offerings since gaining a national bank charter in 2020. Most recently, the company added Zelle to its app, allowing customers to easily send and receive payments from customers at other banks. Other notable roll-outs include the introduction of the bank’s Believe secured card and its Varo Advance service. Additionally, with interest rates rising, Varo now allows customers to earn 5% APY on savings balances up to $5,000. To earn this rate, they’ll need to receive monthly direct deposits totaling $1,000 or more. Those who don’t meet this requirement still earn a current rate of 3% APY.

Dyer News Special Varo Bank Offer

We’re big fans of Varo Bank but it gets even better. For a limited time you can get a $30 bonus if you open a new account with this Dyer News link.

Click for $30 Bonus Now

Announcing Chung’s appointment, Varo Bank founder and CEO Colin Walsh said, “Our goal is to create industry-leading products that enable our customers to build financial power, prosperity, and live better lives. We are thrilled that Wook shares our passion to provide the best of banking for the benefit of all of us.”

Commenting on his new role, Chung stated, “During my early days in Silicon Valley, I dreamt of creating financial products that help consumers make informed and smart decisions about their money. I’m humbled to join Varo’s talented product team to continue to create, implement, and scale crucial offerings that allow consumers to build financial resilience and prosperity.”

Following a busy 2022, it looks as though Varo intends to continue its streak in 2023. Given Chung’s previous experience in the world of FinTech, it’s clear that he understands what users want and expect from a modern banking app. With him on board, it will be interesting to see what updates Varo makes to its interface, features, and more in the coming months.

Leave a Reply

Your email address will not be published. Required fields are marked *

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

TTV Capital Closes Fund VI for Early-Stage FinTech Investments

A major venture capital firm has announced the closure of its latest fund, which will invest in a number of growing FinTech startups. This week, TTV Capital announced the closure of its sixth fund (Fund VI), with a total of $250 million. Capital in this fund was contributed by both new and existing partners, including institutional and strategic investors. According to the firm, initial plans called for the fund to...

Nitra Latest FinTech to Join Visa's Fast Track Program

A spending insights platform built for healthcare professionals is getting a big boost by joining up with a major card company. This week, Nitra announced that it was the latest startup to join Visa's Fast Track program. As a result, the company will now have access to Visa's global payment network, VisaNet Nitra is a FinTech offering spending management tools for private practice physicians. With the platform, clients can issue...

Stripe Raises $6.5 Billion, Now Valued at $50 Billion 

FinTech giant Stripe has just closed a massive funding round, but is once again cutting its valuation. The online payments company has announced that it's just raised $6.5 billion. The Series I included participation from returning investors Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital, while new investors GIC, Goldman Sachs Asset and Wealth Management, and Temasek also joined. Goldman Sachs served as sole placement...