Varo is a mobile only neobank that helps customers cover their expenses, pay their bills, and build their wealth over time.
Varo is on a mission to make financial inclusion and opportunity a reality for all - by empowering people with the products and support they need to create healthy financial habits and be in control of their finances.
Varo was founded in 2015 by Colin Walsh and Kolya Klymenko. The company is headquartered in San Francisco, California, with an office in Draper, Utah.
Varo was created to make a measurable impact on financial inequality and address issues of access, fairness, and fees that have often had a discriminatory legacy. Varo has been designed from the outset to deliver premium, affordable banking services to all Americans.
Varo recently launched Varo Advance**, a short term cash advance line of credit that allows qualifying customers to access up to $100 as needed right in the Varo Bank app. Varo remains fee-free through March 2021 due to the ongoing effects of the COVID-19 pandemic.
Varo is the first consumer fintech to be granted a national bank charter by the Office of the Comptroller of the Currency. The company provides financial services through its mobile app and currently has 1 million customers.
Varo is backed by Warburg Pincus, Lone Pine Capital, TPG's The Rise Fund, Russell Westbrook Enterprises, Eldridge, Marshall Wace, Berkshire Partners/Stockbridge, HarbourVest Partners, and others. The company raised $510M in Series E round on Sep 09, 2021. This brings Varo's total funding to $992.4M to date. The new round valued the company at $2.5B post-money.