Mobile-only bank Varo Money has raised a $241 million Series D funding round. Gallatin Point Capital and The Rise Fund helped back the deal, which the San Francisco-headquartered firm says will help it scale into a national brand.
2017-founded Varo managed its latest cash injection, which brings its total funding up to $419.4m, during a COVID-19 pandemic that has crippled swaths of the digital economy. This summer it will become the US’ only online bank to receive a national charter, meaning it can offer credit cards, loans and other financial products.
“As the first fully digital bank, Varo will bring our mission of financial inclusion to life and create more financially resilient – and thus healthier and stronger – communities,” founder and CEO Colin Walsh said in a statement.
“This new investment will enable us to complete the chartering process and leverage our modern banking technology to build on our track record of innovation and inclusion,” Walsh added.
Source: https://www.redherring.com/consumer/upstart-banking-app-varo-money-secures-241m-round/
