Varo’s $241M Series D Puts Fintech On Track To Becoming National Bank

The San Francisco-based company closed a $241 million Series D round, co-led by new investor Gallatin Point Capital and existing investor TGP’s The Rise Fund, U2 lead singer Bono, and Jeff Skoll, a global entrepreneur and movie producer. Other new investors joining the round include HarbourVest Partners and Progressive Insurance.

Varo last raised money in 2019, a $100 million Series C. In all, the company has raised just under $420 million, Varo’s co-founder and CEO Colin Walsh told Crunchbase News.

He started the company four years ago to put a bank product in the market to help those people not served by an incumbent bank. Walsh estimates there are 150 million Americans who are underserved or overcharged.

“Varo fills that white space,” Walsh said. “We are also tech-driven to help eliminate costs and help people stretch their money, as well as repair and access credit.”

The bank now serves 2 million accounts and deposits have grown 350 percent since the beginning of 2020, he said……..

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