Senior Financial Planning and Analysis Manager, Varo
$100-140k
Fee-free online banking platform
Open for applications
Fee-free online banking platform
501-1000 employees
Open for applications
$100-140k
501-1000 employees
Company mission
To improve the financial health of our customers through better technology and total transparency.
Role
Who you are
- Our ideal candidate has a curious mind and a desire to understand complex business planning
- We hope to add to our team an individual with a diverse background that includes financial comprehension, FP&A systems experience (e.g. , direct interaction with reporting, forecasting, etc.), data analytics experience, and strong written communication skills
- Minimum five years of experience in FP&A and/or Strategic Finance
- Bachelor's degree in finance or related discipline; master's degree preferred
- Strong work ethic with an ability to focus on complex financial problems; surgically strong detail orientation and commitment to accuracy
- Experience with data management and/or financial information systems, preferably with Anaplan
- Previous experience in neo-banking, retail, and/or commercial banking is preferred
- Ability to simultaneously manage multiple time-sensitive activities
- Be willing to understand and learn new products and concepts; Varo is constantly innovating as it aims to serve its customers’ needs
What the job involves
- Varo is looking for a new strategic partner to join the Financial Planning and Analysis Team
- This small but mighty team is a critical support to Varo leadership in charting the path to where no bank has been before
- The FP&A team works for the CFO of Varo Bank alongside the Treasury and Accounting teams within Finance
- It takes ownership of the financial health of Varo
- We’re looking for a Sr Financial Planning & Analysis Manager who will have a positive impact on the Finance team
- The Sr Financial Planning & Analysis Manager will support the CFO organization and the overall business as a financial liaison to the business leadership team
- This will include preparing detailed analysis on revenue and expense performance for leadership review, as well as assisting in the preparation of annual budgets and rolling forecasts, analyzing business performance trends, and preparing analysis to evaluate financial impacts of business partnership opportunities and vendor procurement
- Prepare monthly/quarterly/annual analysis of financial performance, including volume, spend and pricing, revenue and profitability margins to review the company’s business operations with executives, investors, and bank regulators
- Collaborate, design, and implement department budgeting, forecasting, and strategic planning processes
- Participate and assist in the monthly close process, including the explanation of variances to budget, forecast, and prior period performance
- Prepare analysis and reports for inclusion in the monthly financial package(s) in partnership with key departmental stakeholders for financial and analytical support, including, but not limited to, Operations, Growth, Product, Technology, Risk, etc
- In collaboration with the leadership team, support budget processes submission of new acquisition, volume and spend assumptions, and preparation of cost budgets
- Lead monthly reporting and rolling forecast updates, to reconcile to actual, budget, and previous forecast as needed
- Facilitate the preparation of key financial data points to support Board of Directors presentations and OCC financial submissions
- Assist in the evaluation of strategic alternatives, including new market/product expansion and other growth initiatives
- Coordinate with Accounting and Treasury functions to understand and improve the outcomes and contribution of the whole Finance organization
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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