overdraft protection of up to $100. Therefore, Varo will need to introduce more value-add features to further separate it from the pack and draw in customers.
The WorldRemit partnership is one such differentiating feature that can help Varo broaden its customer base — in this case, to reach immigrants. Many neobanks appeal to the underbanked population, particularly because they often utilize alternative data sources that make financial services more accessible, while most legacy banks rely on traditional credit scores.
Many immigrants to the US fall into this underbanked category, as it can be difficult to build up credit scores. Offering access to fee-free remittance — something geared directly toward immigrants — could thus help Varo gain even more traction among a group that may already be receptive to its banking services. And given that immigrants in the US earn over $1.
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