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

Colin Walsh
Colin Walsh Founder and CEO
Deep Varma
Deep Varma CTO
Thibault Fulconis
Thibault Fulconis CFO
Wesley Wright
Wesley Wright COO
Smith Forte
Smith Forte CPO
Philippa Girling
Philippa Girling CRO
Marina Gracias
Marina Gracias General Counsel
August de los Reyes
August de los Reyes Chief Design Officer
Halle Hutchison
Halle Hutchison Chief Brand Officer
Lisa Violet
Lisa Violet Chief Auditor
May O’Neal
May O’Neal Chief People Officer

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

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