By Alex Pugh
US challenger Varo Bank has named Sachin Shetty as its new chief technology officer (CTO).
Shetty, who was most recently CTO at digital commerce firm Addi, will be responsible for developing Varo’s technology stack as the bank looks to scale.
Prior to Addi, Shetty was senior vice president and head of engineering at Clover, a point-of-sale solution for small to medium-sized enterprises (SMEs), where he led a team of 400 engineers.
As CTO at Varo, Shetty says he will be connecting technology, product, data and design to help consumers realise their “economic mobility”.
Varo says Shetty will take the challenger’s tech stack “to the next level” and has experience delivering software systems “that are both scalable and operationally viable”.
Last month, it was reported that Varo Bank was looking to raise US$50 million at a US$1.8 billion valuation, a 28 per cent decline in value since its previous fundraise.
The firm was valued at US$2.5 billion in September 2021 after raising US$510 million in a Series E funding round led by Lone Pine Capital.
In February this year, Varo appointed Wook Chung as its new chief product officer (CPO) tasked with leading the firm’s product development and strategy initiatives.
