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 |
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Core product offerings for individual/retail customers | Bank Account |
The Base Currency | USD |
Product cost | No monthly fees |
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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 |
Funding rounds
Last Funding Date | Jun 3, 2020 |
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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 |
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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 |
Tech stack
Competitors
Founding Date | Type | Tags | |
x Zopa 15 years ago, we built the first ever peer-to-... | 2004 | Private | Challenger banks, fintech |
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x Cora Cora, a Brazilian payments service for businesses | 2019 | Challenger banks, fintech | |
x Wave Wave makes running a small business better by... | 2017 | Challenger banks, fintech | |
x Experian Experian is a global information services... | 1980 | Private |