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

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