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Varo Raises $241 Million Series D as it Moves Closer to Being the First Fintech to Become a National Bank

Jun 03, 2020•about 5 years ago

Amount Raised

$241 Million

Round Type

series d

San FranciscoFinancial Services

Description

 Mobile banking company Varo Money, Inc. today announced it has closed a $241 million USD Series D round, co-led by new investor Gallatin Point Capital and existing investor The Rise Fund, co-founded by TPG, U2 lead singer Bono and Jeff Skoll, a global entrepreneur, impact investor and movie producer. Other new investors joining the round include HarbourVest Partners and Progressive Insurance. J.P

Company Information

Company

Varo

Location

San Francisco, California, United States

About

Varo Bank, N.A. is the first nationally-chartered consumer techbank in the U.S., focused on the needs of Americans living paycheck to paycheck. Varo combines the capabilities and nimbleness of a technology company with the security and oversight of a regulated financial institution, enabling agile product design that provides technology-first solutions.

Funding Insights

Based on industry data
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech

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