Varo Bank triples valuation to $2.5 billion after gaining bank charter
By Shikha Saraswat
September 10, 2021
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Varo Bank, a digital bank that last year became the first neobank in the U.S. to be granted a national bank charter announced Tuesday morning that it raised $510 million in a Series E round led by hedge fund Lone Pine Capital and including dozens of new and existing investors. According to sources, the company valuation increased to $2.5 billion from around $700 million after its earlier fundraising.
CEO, Walsh said, the company has doubled its number of opened accounts to four million and tripled its revenue in the 13th month after getting its charter.
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