Companies Leaving California
Varo Bank Leaves California for Utah
Varo Bank left California for Utah in 2020. The company employs approximately 510 people, though it is unclear how many were directly affected by the relocation.
In Buildremote's database of companies leaving California, Varo Bank is one of 2 companies that have moved to Utah — 1% of our total database, and one of 39 that left (19% of all tracked departures) in 2020. Varo Bank is also one of 71 companies with between 100 and 999 employees to have left the state, accounting for 34% of all relocations in our database.
Moved To
Utah
When
7/25/2020
Employees
510
Moved From
California
"“Salt Lake City is a more sustainable place to do business,” Colin Walsh, co-founder and CEO of Varo Money, told the San Francisco Business Times."" — Source
Frequently Asked Questions
When did Varo Bank leave California?
Varo Bank left California in 7/25/2020.
Where is Varo Bank headquartered now?
Varo Bank relocated its headquarters to Utah after leaving California.
Why Are Companies Leaving California?
Companies cite a consistent set of reasons for leaving California: taxes, regulation, and the cost of living. Executives have pointed to the ability to reduce state corporate tax rates by more than a third after relocating, and many describe searching for a "more sustainable place to do business." California's regulatory environment is frequently mentioned — in the state, "local rules could dictate how the company chooses board members, for instance."
Talent is another major factor. While California has long been a talent magnet, executives now describe finding "a great talent pool" in their new states — and the ability for employees to actually afford to live there. As one CEO put it, their employees can be homeowners in Texas, "which in the Bay Area is virtually impossible."
Others cite cultural reasons: an "increasing intolerance and monoculture of Silicon Valley," and a desire to find a state with "a strong economic climate with low taxes, reasonable regulations, and a high-caliber workforce." States like Texas, Florida, and Arizona have actively marketed themselves as alternatives — Arizona, for instance, offering "the ideal conditions of being business-friendly, offering a high quality of life at reasonable cost."
For many companies, the decision comes down to practical business needs: "our business needs, opportunities for cost savings, and team members" — and an acknowledgment that there were "some symmetries in the way that the Bay Area works that just didn't really work well for us."
Buildremote Research
Companies Leaving California — The Complete Database
Every company that has left California since 2020. Destinations, dates, employee counts, and sources — all in one spreadsheet.
Related California Research
Want to track the entire trend of companies leaving California since 2020? See the statistics and notable companies who have left. Or, access the entire database of 207+ companies.
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Data compiled by Buildremote. Last updated May 18, 2026. Sources linked above.