Status
Available
Last Round Valuation
$50 Billion
Share Price
$50.00
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Varo Bank offers a debit card and deposit and lending products via a mobile app and will be built around a 24/7 digital financial coach that will give insights, analysis of spending, and real-time budgeting.
In one mobile app, Varo offers customers no-cost premium bank accounts and high-interest savings accounts, and tech-first features to help people manage their money more easily.
Varo’s goal is to scale to “tens of millions” of consumers and to become a “loved brand recognized for its social impact mission.”
Varo's platform offers various services including financial insights and analysis of spending, real-time budgeting and predictive forecasts of cash flow, making a direct deposit, online bill payment, and also offers access to other financial applications, enabling users to make smart financial decisions and make progress.
By owning its bank, Varo has an array of funding and cost advantages compared to most of its competitors, enabling it to offer higher interest rates, instant cash advances and access to the Zelle payments network – effectively eliminating all intermediaries.
Varo doubled its customer accounts to four million and tripled revenue in the 13 months after getting its bank charter in 2020.
Varo owns its customers’ data, rather than ceding it to a partner bank, which will allow it to offer more personalized user experiences in the future.
Varo has been vocal about its intent to help boost financial inclusion with its offerings that aim to serve marginalized and underserved communities.
CEO Colin Walsh predicts that Varo will achieve profitability in about 2-3 years since becoming a bank.
Varo’s current $2.5 billion valuation figure is up 5x since May of 2020.
CEO Colin Walsh has stated that Varo is weighing options for eventually going public as well as overseas expansion. Armed with its charter and more than $500 million to plow into customer acquisition and product development, the CEO is eager to compete with other fintech firms.
In the last 13 months, Varo has nearly doubled its employee count to nearly 800 and expanded into a third hub in Charlotte, North Carolina.
Varo recently launched Varo Advance, a short-term line of credit that gives qualifying customers a way to secure a cash advance of up to $100 within its app “in seconds” and Varo Perks cashback rewards.
Varo has plans to launch Varo Believe, a credit building credit card program designed to help Varo customers “safely build or repair their credit,” with a flexible security deposit and without fees.
Your access to private investment
Customers
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Key Investors
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Size of Market
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Market Position
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Industry
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Primary Vertical
FinTech
Employees
500
Mosaic Score
840
Money
760
Momentum
850
Management
760
Market
960
What is a Mosaic Score?
| Name | Work History | Title | Status |
|---|---|---|---|
| John Smith | Aenean, quam eu, diam dignissim | Chief Executive Officer | Current |
| John Smith | Aenean, quam eu, diam dignissim | Chief Executive Officer | Current |
| John Smith | Aenean, quam eu, diam dignissim | Chief Executive Officer | Current |
| John Smith | Aenean, quam eu, diam dignissim | Chief Executive Officer | Current |
Last Round
Sept. 2019, Series B1
Valuation Post-Money
$400.2M
Amount Raised
$2.5M
Total Funds Raised
$75.2M
Implied Valuation
$84M
| Date | Round | Amount | Valuation | Investors |
|---|---|---|---|---|
| MM/DD/YYYY | Growth Equity | $1M | $2.8B | Name goes here |
| MM/DD/YYYY | Growth Equity | $1M | $2.8B | Name goes here |
| MM/DD/YYYY | Growth Equity | $1M | $2.8B | Name goes here |
| MM/DD/YYYY | Growth Equity | $1M | $2.8B | Name goes here |
| Company | Valued | Revenue |
|---|---|---|
|
Coinbase San Francisco, CA |
$2.8B | $1.3B |
|
Coinbase San Francisco, CA |
$2.8B | $1.3B |
|
Coinbase San Francisco, CA |
$2.8B | $1.3B |
