Varo bank
Varo bank

Website: www.varomoney.com

Sector: FinTech

Headquarters: Redwood City, California, United States

Staff number: 800

Year Established: 2015

Terms of Investments

Commission: 20% of profit

Login fee: 3.5%

Commission for exit: 2.5%

Recommended investment period: 3 years

Minimum investment period: from 1 year

Detailed info about the company

Total amount of investments : $992.4M

Number of investors: 22

Founders: Assaf Guery, Colin Walsh, Mykola Klymenko, Roger Van Duinen

Capitalization table

RoundDateNumber of investorsAmount of attractionsLeading investors
Series ESep 9, 202111$510MLone Pine Capital
Corporate RoundFeb 18, 20211$63MRussell Westbrook Enterprises
Series DJun 3, 202010$241MGallatin Point Capital,Jeffrey S. Skoll, Paul Hewson (Bono), The Rise Fund
Series CJul 16, 20194$100M
Series BJan 18, 20183$45MThe Rise Fund, Warburg Pincus
Series BJan 1, 20181
Debt FinancingJan 15, 20171$5M
Private Equity RoundMay 2, 20161$28.4MWarburg Pincus

About company

Varo bank offers the usual mix for American millennials: a free online account with no overdraft fees, paychecks two days early, internal PFM service, chatbot and phone support, cash withdrawals at any ATM without fees and nice increased rates on savings accounts valid only until you reach the $10,000 threshold – the bank is a fitting response to tough times. Neobank itself essentially provides only the interface, while the bank accounts are at another bank, The Bancorp Bank, which insures them.

Key investors

Lone Pine Capital, Russell Westbrook Enterprises, Gallatin Point Capital,Jeffrey S. Skoll, Paul Hewson (Bono), The Rise Fund, The Rise Fund, Warburg Pincus

GSI Company Rating

In 5 years the fintech startup came to a certain popularity – more than 4 million app downloads and more than 2 million active accounts. The bank earned its second million accounts in less than a year, and since the beginning of 2020, its audience growth rate has increased by 60%, spending by 50%, and deposits by 250%. Now the total amount of deposits is more than $6.6 billion. The tremendous growth did not leave investors indifferent: In the last round, the bank attracted a record $510 million, which exceeded investments for all previous rounds.

We expect at least one more round of fundraising, possibly in 2022. With this round, we may see the stock grow by at least 100%.

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