Varo Bank, is an all-mobile bank account application company that is headquartered in San Francisco, California, with an aim to ensure that everyone has access to various types of financial opportunities. This Fintech company was founded in the year 2015, by Colin Walsh, who is currently the Chief Executive Officer (CEO) of the firm. The firm currently has a 2.5 Billion US Dollars valuation, as of its last fundraising round which took place in the month of September, 2021.
Fundraising rounds of Varo Bank:
- In the month of May, 2016, the company had its early stage capital round of funding, where it raised around 28.4 Million US Dollars. The investor of this round was:
- New York-based private equity company, Warburg Pincus LLC.
- In the month of January, 2017, the company raised debt of around 5 Million US Dollars from:
- California-based high-tech commercial banking company, Silicon Valley Bank.
- In the month of January, 2018, the company had its Series B round of funding, where it raised around 45 Million US Dollars. The investors of this round were:
- New York-based private equity company, Warburg Pincus LLC;
- Los Angeles-based investment arm of Manatt, Phelps & Phillips LLP, Manatt Venture Fund;
- San Francisco-based investment firm, The Rise Fund (TPG).
- In the month of July, 2019, the company had its Series C round of funding, where it raised around 100 Million US Dollars. The investors of this round were:
- New York-based private equity company, Warburg Pincus LLC;
- San Francisco-based investment firm, The Rise Fund (TPG);
- Shanghai-based asset management company, Gopher Asset Management;
- In the month of June, 2020, the company had its Series D round of funding, where it raised around 241 Million US Dollars. The investors of this round were:
- Massachusetts-based private equity firm, HarbourVest Partners;
- United States-based insurance company, Progressive Corporation;
- San Francisco-based investment firm, The Rise Fund (TPG);
- United States-based private investment firm, Gallatin Point Capital LLC (GPC);
- In the month of February, 2021, the company had its late stage venture capital round of funding, where it raised around 63 Million US Dollars. The investors of this round were:
- New York-based private equity company, Warburg Pincus LLC;
- Massachusetts-based private equity firm, HarbourVest Partners;
- United States-based investment management firm, BlackRock Inc;
- San Francisco-based investment firm, The Rise Fund (TPG);
- United States-based private investment firm, Gallatin Point Capital LLC (GPC);
- Los Angeles-based investment firm, Russell Westbrook Enterprises;
- In the month of September, 2021, the company had its Series E round of funding, where it raised around 510 Million US Dollars. The investors of this round were:
- New York-based private equity company, Warburg Pincus LLC;
- Massachusetts-based private equity firm, HarbourVest Partners;
- United States-based investment management firm, BlackRock Inc;
- United States-based capital market firm, Lone Pine Capital;
- Massachusetts-based private equity firm, Berkshire Partners;
- San Francisco-based investment firm, The Rise Fund (TPG);
- New York-based private investment firm, Declaration Partners LP;
- United States-based private investment firm, Eldridge;
- London-based investment management company, Marshall Wace;
- United States-based private investment firm, Gallatin Point Capital LLC (GPC);
- Beijing-based Venture Capital firm, CE Innovation Capital;
- In the month of September, 2021, the company had another Series E round of funding, where it raised around 5 Million US Dollars. The investor of this round was:
- Canada-based investment firm, Stack Capital Group Inc.Â
According to Varo Bank’s profile, the company is specialized in User Interface (UI), Customer Experience, Banking and Financial Services, Design Research, Federal Deposit Insurance Corporation (FDIC) Insured, Digital Banking, Mobile Banking, Office of the Comptroller of the Currency (OCC) Chartered Bank, Risk Management, and Financial Inclusion.
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