Search Results for "Varo Bank"
3 results for "Varo Bank"
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Varo Bank Raises $123.9M Growth Round for Digital Banking Platform
Varo Bank, a US digital banking platform with its own bank charter, raised $123.9M in a growth round. The funding supports continued development of its consumer digital banking services. Varo is one of the few fintechs to hold a national bank charter, making this raise notable for the BaaS landscape.
Varo Bank Raises $510M Series E at $2.5B Valuation
Varo Bank, the first consumer fintech to receive a national bank charter in the US, raised $510 million in Series E funding at a $2.5 billion valuation. The round was led by Lone Pine Capital with participation from Warburg Pincus, The Rise Fund, Gallatin Point Capital, and others. Funds will support product and technology development as Varo scales its digital banking platform.
Varo Money Becomes First U.S. Consumer Fintech to Win National Bank Charter
Varo Money received full approval from the OCC, FDIC, and Federal Reserve on July 31, 2020, becoming the first consumer fintech in U.S. history to obtain a national bank charter. This allowed Varo to launch Varo Bank, N.A. on August 1, 2020, offering FDIC-insured banking services nationwide. The milestone marked a major shift in the competitive landscape between fintechs and traditional banks.