Varo
All-digital US neobank offering checking, savings, debit, and credit-building products.
Fintech
📍 San Francisco, USA
Founded 2015
Current Valuation
$2.5B
as of 2021-Q3
UNICORN
Varo is the first US neobank to receive a de novo national bank charter (2020), allowing it to operate without a partner bank. The company was last valued at $2.5B in its 2021 Series E and has been working toward profitability; recent revenue is roughly $129M with continued losses as growth narrows.
Company Profile
Est. Revenue
$129M (2023-Q4)
Last Round
Series E — $510M (Sep 2021) · Lead: Lone Pine Capital
Founders & Key People
Colin Walsh
Investors
Lone Pine Capital · Warburg Pincus · TPG · Declaration Partners · Marshall Wace · BlackRock · Russell Westbrook Enterprises
Products
- Varo Bank Account
- Varo Savings
- Varo Believe credit card
- Varo Advance
Competitors
Chime · Current · SoFi · Cash App · MoneyLion
fintechneobankbankingconsumer-fintechchallenger-bank
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2021-Q3. Refreshed quarterly.