Varo

Description

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. 

Overview
Type: Private
Funding Status: Series D
Foundation year: 2015
Location: San Francisco, California, United States
Number of employees: 251-500
Founders: Assaf Guery, Colin Walsh, Mykola Klymenko, Roger Van Duinen
Website: https://www.varomoney.com/
Target geographic market:

North America

About Product/Service
Products Bank account, Checking accounts, savings accounts, debit cards, peer to peer payments, fee-free overdraft
Core product offerings for individual/retail customersBank Account
The Base CurrencyUSD
 
Product costNo monthly fees
Openning a current account (business and personal)Free
Money transfers/paymentsNo transfer fees; No foreign transaction fees
ATM withdrawalsNo 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.
OtherCustomer's bank deposits are FDIC insured up to $250,000
Minimum USD deposit required to open (a) a personal account (b) a business accountThere is no minimum balance required to open a Varo Bank Account
(a) a personal accountYes
(b) a business accountNo

Key people

Funding rounds

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

Financials

Customer/Products segments Online banking
Key product offeringBank Account
Banking licenseVaro Bank has been granted its full-service U.S. national bank charter on July 31, 2020.
Type of customersIndividuals
Number of customersover 1 million customers
Number of investors 12
Number of lead investors5
Names of lead investorsPaul Hewson (Bono), The Rise Fund, Jeffrey S. Skoll, Gallatin Point Capital, Warburg Pincus

Tech stack

Competitors

Founding Date Type Tags
x
ClearBank

ClearBank is the UK’s first new clearing bank in...

2014 Private Challenger banks, fintech
x
OakNorth

OakNorth is a credit science platform that...

2015 Private fintech, challenger banks
x
Gemalto

Gemalto is an international digital security...

2006 Private Gemalto
x
Coconut

Coconut is the current account that takes care of...

2016 Private Challenger banks, fintech
x
Nubank

Nubank is the leading digital finance company in...

2013 Private fintech, challenger banks

Reviews