Varo is a digital bank that offers innovative, premium banking services wrapped in inclusive design. Varo was founded to make a powerful impact on systemic financial inequality that Americans have experienced for generations—and Varo’s founders knew that to tackle this head on, we needed to be a chartered national bank.
|Funding Status:||Series D|
|Location:||San Francisco, California, United States|
|Number of employees:||251-500|
|Founders:||Assaf Guery, Colin Walsh, Mykola Klymenko, Roger Van Duinen|
Target geographic market:
|Products||Bank account, Checking accounts, savings accounts, debit cards, peer to peer payments, fee-free overdraft|
|Core product offerings for individual/retail customers||Bank Account|
|The Base Currency||USD|
|Product cost||No monthly fees|
|Openning a current account (business and personal)||Free|
|Money transfers/payments||No transfer fees; No foreign transaction fees|
|ATM withdrawals||No fees at 55,000+ Allpoint® ATMs in places you already shop. Deposit cash at 90,000+ retail locations using Green Dot ReloadⓇ. An out-of-network ATM charged only.|
|Other||Customer's bank deposits are FDIC insured up to $250,000|
|Minimum USD deposit required to open (a) a personal account (b) a business account||There is no minimum balance required to open a Varo Bank Account|
|(a) a personal account||Yes|
|(b) a business account||No|
|Last Funding Date||Jun 3, 2020|
|Last Funding Amount||$241M|
|Last Funding Type||Series D|
|Total Funding Amount||$419.4M|
|Number of Funding Rounds||6|
|Customer/Products segments||Online banking|
|Key product offering||Bank Account|
|Banking license||Varo Bank has been granted its full-service U.S. national bank charter on July 31, 2020.|
|Type of customers||Individuals|
|Number of customers||over 1 million customers|
|Number of investors||12|
|Number of lead investors||5|
|Names of lead investors||Paul Hewson (Bono), The Rise Fund, Jeffrey S. Skoll, Gallatin Point Capital, Warburg Pincus|
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