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Varo Money

Varo Money

Varo is a San Francisco-based mobile banking business allowing customers to pay their bills, cover their expenses and build their wealth.

Varo Money was founded by Assaf Guery, Colin Walsh, Mykola Klymenko, and Roger Van Duinen, in 2015. The company offers no-cost premium bank accounts and their savings accounts have high-interest rates.

Varo Money is a digital banking application that operates to rival traditional banks. They offer a bank account without monthly fees or minimum balance, and maintains its structure without any physical locations. Customers are still able to access their money through a network of more than 55,000 fee-free Allpoint ATMs around the world.

Varo Bank Account is provided by The Bancorp Bank, Member FDIC, and is insured to at least $250,000. In 2020, Varo announced it had received approval for FDIC insurance and that it would soon be the first entirely digital bank. The bank is pending completion of the conditions required by the OCC, the FDIC, and the Federal Reserve in order to earn approval to become a national bank.

During the COVID-19 pandemic, Varo served its customer base by providing early access to the provided stimulus and unemployment relief funds with direct deposit paychecks. They also extended the range for deposits and ATM limits.

Timeline

September 13, 2021
Varo Money raises a $510,000,000 series E round from HarbourVest Partners, Lone Pine Capital, Marshall Wace, Propel(x), Sand Hill Angels, Stack Capital, The Rise Fund, VNTR Capital and Warburg Pincus.
February 18, 2021
Varo Bank announces an extensive engagement with Russell Westbrook.
February 18, 2021
Varo Money raises a $63,000,000 corporate funding round.
June 3, 2020
Varo Money secures $241 Million through Series D funding round led by Gallatin Point Capital.

June 3, 2020
Varo Money raises a $241,000,000 series D round from Gallatin Point Capital.
June 3, 2020
Varo Money raises a $241,000,000 series D round from Paul Hewson, Gallatin Point Capital, HarbourVest Partners, Jeffrey Skoll and The Rise Fund.
July 16, 2019
Varo Money raises a $100,000,000 series C round from Gopher Asset Management, The Rise Fund and Warburg Pincus.
January 18, 2018
Varo Money raises a $45,000,000 series B round from Warburg Pincus.
January 2018
Varo Money raises a $45,000,000 series B round from The Rise Fund and Warburg Pincus.
May 2, 2016
Varo Money raises a $28,400,000 venture round from Warburg Pincus.

Funding rounds

Patents

Further Resources

Title
Author
Link
Type
Date

Challenger bank Varo, soon to become a real bank, raises $241M Series D

Sarah Perez

Web

June 3, 2020

Varo Appoints Deep Varma as Chief Technology Officer - Varo Money

Web

May 4, 2020

Varo Banking - Online Banking With No Hidden Fees

Web

Varo Money - Crunchbase Company Profile & Funding

Web

News

Title
Author
Date
Publisher
Description
Crunchbase News
September 9, 2021
Crunchbase News
Crunchbase News' top picks of the news to stay current in the VC and startup world.
JD Alois
June 16, 2020
Crowdfund Insider
Click HERE to find out ⭐ Varo Money CEO Colin Walsh : We Designed Varo to be Your Primary Bank Account. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Sarah Perez
June 3, 2020
TechCrunch
Mobile banking startup Varo Money has raised an additional $241 million in Series D funding, the company announced today. The investment was co-led by new investor Gallatin Point Capital and existing investor The Rise Fund, co-founded by TPG. Also participating in the round were Bono (yes, that one), along with entrepreneur, impact investor, and movie [...]
Samantha Hurst
June 3, 2020
Crowdfund Insider
Click HERE to find out ⭐ Varo Money Secures $241 Million Through Series D Funding Round Led By Gallatin Point Capital. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Christine Hall
June 3, 2020
Crunchbase News
Varo Money's digital bank focuses on the banking industry's underserved population, offering affordable financial services.
SHOW MORE

References

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