Varo Bank Brings On Wook Chung as Chief Product Officer
rows of phones with the Varo app

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.

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

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories:, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...