NEW YORK and SAN FRANCISCO, Aug. 17, 2021 /PRNewswire/ — Inc. magazine today announced that Varo Bank, N.A. ranked No. 7 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. This is Varo’s first appearance on the list after earning the fourth spot on the Inc. regional list in California earlier this year. The Inc. 5000 list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses. Intuit, Zappos, Under Armour, Microsoft, Patagonia, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.

“Our vision at Varo is to create a more enlightened way to provide financial opportunity for everyone. We’ve been focusing on tools, products, and insights to help our customers become more financially resilient, regardless of their background or their current financial situation. As a digital bank, we can serve underserved communities, something the traditional banking system has struggled with”, said Colin Walsh, CEO and founder of Varo Bank. “Our mission of financial inclusion–to build a bank where every person is afforded access and equity within our financial system, regardless of their net worth – is guiding everything we do as our business continues to scale.”

Varo Bank solidified its leadership in the banking industry in 2020 by becoming the first and only consumer fintech to receive its own national bank charter. Since opening its doors in 2017, the company has opened over 4 million accounts and helps its customers save money by eliminating banking fees and by offering industry-leading financial products like Save Your Pay, Save Your Change, Varo Advance, and Varo Perks, the cashback rewards program.

Not only have the companies on the 2021 Inc. 5000 been very competitive within their markets, but this year’s list also proved especially resilient and flexible given 2020’s unprecedented challenges. Among the 5,000, the average median three-year growth rate soared to 543 percent, and median revenue reached $11.1 million. Together, those companies added more than 610,000 jobs over the past three years.

Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc., which will be available on newsstands on August 20.

“The 2021 Inc. 5000 list feels like one of the most important rosters of companies ever compiled,” says Scott Omelianuk, editor-in-chief of Inc. “Building one of the fastest-growing companies in America in any year is a remarkable achievement. Building one in the crisis we’ve lived through is just plain amazing. This kind of accomplishment comes with hard work, smart pivots, great leadership, and the help of a whole lot of people.”

CONTACT:
Consort Partners for Varo Bank
varomoney@consortpartners.com

About Varo Bank, N.A.
Varo Bank is on a mission to make financial inclusion and opportunity a reality for all – by empowering people with the products and support they need to create healthy financial habits and be in control of their finances. Varo Bank offers customers premium bank accounts that have no minimum balance requirement or monthly account fee, high-interest savings accounts, and tech-first features to help people save and manage their money effortlessly. Varo Bank is the first consumer fintech to be granted a national bank charter by the Office of the Comptroller of the Currency and was named one of Fast Company’s Most Innovative Companies for 2021 and ranked No. 7 on the 2021 Inc. 5000 list of the fastest-growing private companies in the country. For more information, visit www.varomoney.com, like Varo Bank on Facebook, and follow us on Instagram and Twitter @varomoney. Member FDIC.

More about Inc. and the Inc. 5000

Methodology
Companies on the 2021 Inc. 5000 are ranked according to percentage revenue growth from 2017 to 2020. To qualify, companies must have been founded and generating revenue by March 31, 2017. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2020. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2017 is $100,000; the minimum for 2020 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to three decimal places. There was one tie on this year’s Inc. 5000. Companies on the Inc. 500 are featured in Inc.‘s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/inc5000.

About Inc. Media
The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including web sites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Vision Conference is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.com.

For more information on the Inc. 5000 Vision Conference, visit http://conference.inc.com/

SOURCE Varo Bank

MADISON, Wis., July 6, 2021 /PRNewswire/ — Fairway Independent Mortgage Corporation has been named the #1 Best Mortgage Company to Work For by Mortgage Executive magazine.

Each year, Mortgage Executive magazine releases the Best Mortgage Company to Work For award based on votes from licensed loan originators across the nation. This is the 7^th year in a row Fairway has been recognized as the #1 company in this category.

“Our goal at Fairway is to serve each community we’re in — not just by helping people achieve homeownership, but by giving back through volunteer opportunities and charities. When helping others is the priority, the work experience is just naturally positive,” said Steve Jacobson, founder and CEO of Fairway.

Along with this award, Mortgage Executive magazine named Fairway #5 out of the Top 100 Mortgage Companies in America 2021 and released the list for the Top 1% Mortgage Originators in America 2021, which recognized 567 Fairway originators.

Founded in 1996, Fairway has proudly served borrowers for over 25 years and currently has more than 700 branch and satellite locations nationwide. Fairway continues to grow each year and in 2020 funded 230,379 loans for families across the United States with a volume of $65.8 billion.

In addition, Fairway was ranked #1 in USDA purchase units and volume (FY 2020), #4 in VA purchase units and volume (FY 2020), #1 in FHA purchase volume (FY 2019) and has received other numerous industry awards throughout the years.

About Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation (NMLS #2289) is a full-service mortgage lender with a wide array of innovative products that can help make homeownership more affordable with the speed and service its clients deserve. Fairway is dedicated to finding great mortgage options and providing some of the fastest turn times for its borrowers. Fairway strives to exceed expectations, guarantee satisfaction and earn trust. For more information, please visit www.fairway.com.

SOURCE Fairway Independent Mortgage Corporation

DENVER, Oct. 14, 2020 /PRNewswire/ — Pie Insurance, an insurtech specializing in workers’ comp  insurance for small businesses, today announced it has exceeded $100 million in cumulative written premium and surpassed $100 million in annualized run rate premium. In less than 3.5 years since being founded, Pie Insurance has cemented its spot as the fastest insurtech company to hit these milestones. This monumental growth is evidence that small businesses, and the insurance agents who serve them, are ready to adopt a modern and automated insurance experience.

“Commercial insurance in the United States generates $300 billion in annual premiums. However, the industry operates in an almost entirely analog environment,” commented Dax Craig, Co-Founder and President of Pie Insurance. “Pie leverages technology to modernize the entire insurance experience for small businesses, and our rapid growth is a testament to the huge unmet need in the market.”

Today’s milestones follow Pie’s last funding in May, in which the company raised $127 million and formed its affiliated entity, Pie Carrier Holdings. To date, Pie has raised $188 million to further the company’s mission of transforming small business insurance by automating the entire quote to claim experience—starting with workers’ comp insurance. Pie’s use of advanced analytics enables quotes in 3 minutes and savings of up to 30% for small businesses.

“Reaching $100 million in written premium in such a short time since our founding shows that there is a massive appetite for workers’ comp insurance that is simple, trusted and affordable,” said John Swigart, Co-Founder and CEO of Pie Insurance. “We recognize the numerous challenges that small businesses are currently facing, and we believe finding insurance shouldn’t add to their burden. We’re proud to help small businesses around the country save money and get workers’ comp insurance  quickly so they can focus on what’s important—growing their business.”

Additional 2020 highlights include:

• Partner Agent Growth: Pie grew its agency channel to more than 1,000 partners, representing a nearly 200% increase since the beginning of 2020.
• Continued Innovation: Pie is powered by innovative technology and sophisticated analytics. In August, the company released its partner portal, which makes it easier for partner agents to submit their clients for coverage and track their status in real time, and new features, like automated bind requests, that allow partner agents to submit requests to bind on eligible submissions.
• Pie-oneer Expansion: Even in the current economic environment, Pie Insurance grew its headcount by 25% in 2020 and continues to hire across company departments.

About Pie Insurance
Pie Insurance is modernizing small business insurance, starting with workers’ comp, by automating the entire coverage experience. Pie combines innovative technology, sophisticated analytics, and industry expertise to provide small businesses and the partner agents who serve them with simple, trusted, and affordable coverage. Compared to traditional insurance, Pie’s use of advanced analytics enables quotes in 3 minutes and savings of up to 30% for small businesses. Pie auto-decides 73% of class codes so partner agents can save time finding coverage for their clients. Since launch, Pie has grown its gross written premium to over $100M and partnered with over 1,000 agencies. Founded in 2017 by a team of insurance and technology veterans, the company is headquartered in Denver, CO and Washington, DC. Pie operates as a managing general agency for Sirius America Insurance Company, a subsidiary of Sirius Group, offering A.M. Best A- (Excellent) rated workers’ comp  insurance, and has received $188M in funding from investors including SVB Capital, Gallatin Point Capital, Greycroft, Aspect Ventures, Sirius Group, Moxley Holdings, and Elefund.

SOURCE Pie Insurance

Gallatin Point Capital (GPC) is a private investment firm led by seasoned professionals who have earned their spurs over lengthy careers in finance. Lewis A “Lee” Sachs served as the Assistant Secretary of the Treasury for Financial Markets, and Matthew Botein oversaw opportunistic investments at BlackRock Alternative Investors. The GPC managing partners have assembled a talented team of young professionals with a passion for entrepreneurism. The boutique firm takes an atomic view of investment opportunities to identify the needs of the business as well as the expected returns. GPC aims to generate generous returns per unit of risk by backing companies with winning ideas and strong leadership, and supports its investees through collaborative partnerships. The GPC portfolio of businesses and holdings ranges from new market entrants with experienced founding teams to established enterprises looking for capital growth partners or pursuing specific objectives. GPC treats each collaboration as puzzle to be solved, studying the pieces to find a perfect fit. It pairs equity stake or liquidity solutions with managerial expertise to help investees overcome challenges and unlock growth. It favours a creative strategy of more idiosyncratic and uncorrelated rewards and risks rather than those linked with the performance of equity and bond markets. This distinctive approach allows for greater risk-adjusted returns and more flexibility in deal structures. The CFI.co judging panel declares Gallatin Point Capital the worthy winner of the 2020 award for Best Opportunistic Investment Strategy (US).

Washington, May 28, 2020 — Pie Insurance, one of the fastest-growing insurtechs in the country, today announced the closing of $127 million in new financing and capital commitments. Gallatin Point Capital joined Pie’s current investors in the capital raise, including Greycroft, SVB Capital, Aspect Ventures, Elefund, and Sirius International Insurance Group, Ltd. The new financing includes $27 million to support the continued growth and expansion of Pie Insurance’s offering to small business owners. The additional $100 million equity capital commitment will support Pie’s strategic initiative to form and purchase licensed insurance companies.

Pie was founded in 2017 to provide workers’ compensation insurance to small businesses, both directly through its website and also through thousands of independent insurance agents. Over the past twelve months, Pie has grown its written premium 150% to nearly $19 million in Q1 of 2020. Tens of thousands of small businesses have received quotes using the company’s simple online experience, driven in part by Pie’s recent national television advertising campaign. Pie has also expanded its availability through independent insurance agents, adding hundreds of additional agencies this year. Pie offers workers’ comp coverage in 34 states and the District of Columbia and will continue to expand across the nation to serve more small businesses, either directly or through their agents.

“Pie continues to demonstrate significant momentum, even in the current economic climate,” said Ian Sigalow, Co-Founder and Partner at Greycroft. “We’re pleased to help fuel the company’s next stage of growth as they transform the market for small business insurance.”

This next stage of Pie’s growth includes the formation of a new affiliated company, Pie Carrier Holdings —in which Gallatin Point Capital is the lead investor — to create and purchase licensed insurance companies. Pie Carrier Holdings will own the licensed insurance companies that Pie will use to issue a portion of its insurance policies. Sirius Group is also investing directly in Pie Carrier Holdings and will continue to issue insurance policies offered by Pie.

“We’re impressed with the results Pie has achieved in such a short time period,” said Matt Botein, Co-Founder and Managing Partner at Gallatin Point Capital. “We welcomed the chance to contribute to their expansion strategy in a meaningful way.”

“We’re incredibly excited to partner with Matt and his team on this innovative approach toward solving one of the biggest challenges facing a growing insurtech company — building a capital structure that supports both our rapid growth and balance sheet needs,” said John Swigart,

Pie’s Co-Founder and Chief Executive Officer. “This financing enables Pie to continue our expansion, even during these uncertain times, while also forming the foundation for our future.”

About Pie Insurance

Pie Insurance provides workers’ compensation insurance directly to small businesses and also partners with local, regi onal, and national insurance agencies to provide coverage to their clients. Headquartered in Washington, D.C. and Denver, the company began offering policies in 2018 with a goal of helping small businesses experience true savings and an unmatched level of service. Pie operates as a managing general agency for Sirius America Insurance Company, a subsidiary of Sirius Group, offering A.M. Best “A-” (Excellent) rated workers’ compensation insurance. Pie’s investors include SVB Capital, Gallatin Point Capital, Greycroft, Aspect Ventures, Sirius Group, Moxley Holdings, and Elefund.

Media Contact:

Heather McIlhany

Pie Insurance

media@pieinsurance.com

BlackRock Inc. and Chief Executive Laurence Fink agreed to invest with private-equity firm Gallatin Point Capital, part of a push by the world’s largest asset manager to become bigger in alternative investments.

The fund giant pledged to invest up to $400 million of client money alongside Gallatin’s investments, people familiar with the matter said. Mr. Fink is also investing some of his own personal money with a fund maintained by the Greenwich, Conn.-based private-equity firm, founded in 2017 by former BlackRock alternative-investment chief Matt Botein and former U.S. Treasury official Lee Sachs.