Staff Data Scientist, Varo
Machine Learning, Fraud
$180-210k
Fee-free online banking platform
Open for applications
Fee-free online banking platform
501-1000 employees
Open for applications
$180-210k
501-1000 employees
Company mission
To improve the financial health of our customers through better technology and total transparency.
Role
Who you are
- 5+ years of expertise in developing ML industry applications for fraud or risk applications
- Demonstrated experience and/or interest in building fraud detection machine learning models
- Ph.D. or equivalent in Computer Science, Statistics, or related field
- Strong bias for action and team player
- Ability to thrive in a fast-paced environment
- Preferred: Familiarity with Sagemaker, Spark, TensorFlow, Keras, and PyTorch
What the job involves
- You’ll lead Machine Learning in Fraud at Varo, working on models that protect customers from fraudsters while growing Varo’s customer base and enabling product features to be more accessible to all
- You will be responsible for developing the machine learning models that will underlie Varo’s fraud detection system
- You will own the development and training of these models, as well as contribute to the design of architecture that serves the models
- Lead efforts within the organization to drive the design, development, optimization, and productionization of ML-based fraud models
- Enable customers to have broader access to risky product features by designing a fraud system that balances precision of detection with customer experience and growth
- Work with stakeholders in the fraud organization to identify opportunities for driving business value with ML
- Collaborate cross-functionally with the engineering team to deploy models and monitor outcomes
- Guide and mentor junior machine learning scientists and engineers
Our take
The traditional banking system leaves many US citizens underserved, with some minority groups struggling to access accounts. Varo is one of many companies offering no-fee, high-interest accounts, as it takes on the traditional banks - with additional features such as a rewards program and access to early paychecks.
With many young customers distrustful of traditional banks, Varo has capitalised on this sentiment and grown to serve more than 7 million customers. It has a number of competitors such as Chime and Step, and it's also in competition with established traditional brick-and-mortar banks. However, as the first consumer fintech to be granted a national bank charter in the US, the company is at the front of the fintech revolution with a path to future success.
In response to economic uncertainty, the bank was forced to take cost-reduction measures throughout 2022. The effect has been positive, with a drastic reduction in its burn rate, which had been a primary concern. One point of interest is a shift in marketing strategy that has seen Varo focus more on growing the number of customers using it as their main bank, as opposed to growing overall user numbers. The company also has a new tech unit named "Varo Tech".
Kirsty
Company Specialist at Welcome to the Jungle
Insights
Few candidates hear
back within 2 weeks
-12% employee growth in 12 months
Company
Funding (last 2 of 7 rounds)
Feb 2023
$50m
LATE VC
Sep 2021
$515m
SERIES E
Total funding: $1.0bn
Company benefits
- Health, dental, vision insurance
- Free life coaching and counseling
- 401k
- Office snacks and drinks
- Flexible PTO
- Company and team outings
Company values
- Customer first: Understand problems our customers are trying to solve. Respond with a sense of urgency. Build relationships that result in loyalty. Be data and insights-driven. Test everything. Achieve results through strong execution. Build a product people love.
- Take ownership: Have a bias toward action and high standards. Be accountable for the results of your work and our product. Trust others to own it.
- Stay curious: Ask why. Dare to make things better. Learn something new each day (even from mistakes). Be open to growth. Develop creative solutions.
- Make it better: Think big. Set high goals. Work toward long-term value rather than short-term wins. Create change. Be resilient.
- Respect: Treat others how you want to be treated. Listen first before being heard. Speak the truth even when it’s not easy. Assume best intentions. Bring your full self to work.
Company HQ
Financial District, San Francisco, CA
Articles
Leadership
Colin Walsh
(CEO)Former EVP at American Express. Has also worked in banking at Wells Fargo, Visa, Executive Networks, and Lloyds.
Diversity, Equity & Inclusion at Varo
- Varo takes a long-term, strategic approach to Diversity and Inclusion. We’re committed to building long term awareness and engagement with employees at all levels, our customers, and our communities. We grow and strengthen the Varo team by acquiring, developing, promoting, and retaining exceptional and diverse talent.
- Voluntary employee-led resource groups let us connect with each other, boost engagement, and keep important conversations going. Our groups include; "Women", that aims to increase women’s leadership roles, hiring and retention; "Adept", that sustains Varo’s efforts to support employees with physical, mental, and emotional disabilities; "Unity", that works to advance representation and opportunity for Black and African American employees; and "Pride", that helps us build a fully inclusive workplace offering education, support, and networking for LGBTQ employees.
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