Varo Money Inc., a mobile-only banking startup, and The Bancorp Inc. announced that they have signed an agreement whereby Bancorp will provide private-label banking services to support Varo mobile checking and savings account products.

Varo has also signed agreements with Galileo Processing Inc. to provide payment and transaction processing services; Socure Inc. for digital identity verification services; and Cachet Financial Solutions Inc. for mobile check deposit. 

"We are excited to bring on partners of this caliber to support our business," Colin Walsh, CEO and co-founder of Varo, said in a statement. "Varo is making great progress toward our mission to create a next generation bank that gives consumers greater control, and we look forward to future milestones."

"We are very pleased to be selected as Varo's payments partner," said Damian Kozlowski, CEO and president of Bancorp. "The Bancorp is committed to providing financial services that meet — and exceed — client expectations. We are focused on providing Varo a critical platform that will allow for the fullest execution of its business plan. We look forward to a long and prosperous partnership with Varo that will enhance both of our organizations."