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 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 |
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 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 Neon (Switzerland) Neon is an independent Swiss mobile account. | 2017 | Private | |
x Hufsy Hufsy offers a bank account customised for... | 2015 | Private | fintech, challenger banks |
x Yoti Yoti is a digital identity system that provides a... | 2014 | Private | |
x Neon (Brazil) Neon is a digital bank that offers credit cards,... | 2016 | Private | |
x MYbank MYbank, a leading online private commercial bank... | 2015 | Private | fintech, challenger banks |
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