What is Varo?
Varo Money, Inc. is a San Francisco-based mobile-only banking startup dedicated to enhancing consumers' financial well-being. The company's core offering is a digital platform that provides a 24/7 financial coach, delivering proactive insights and real-time budgeting tools. Varo aims to foster positive spending, borrowing, and savings habits through its integrated mobile app, which also offers a debit card, savings, and lending products. By providing an in-app marketplace for access to other popular finance applications, Varo positions itself as a comprehensive digital financial hub.
How much funding has Varo raised?
Varo has raised a total of $1.1B across 10 funding rounds:
Other Financing Round
$5M
Series B
$45M
Series C
$100M
Series D
$241M
Other Financing Round
$63M
Series E
$510M
Other Financing Round
$29M
Series G
$123.9M
Other Financing Round (2017): $5M supported by Silicon Valley Bank
Series B (2018): $45M featuring Warburg Pincus LLC
Series C (2019): $100M backed by Warburg Pincus, Gopher Asset Management, and TPG
Series D (2020): $241M with participation from The Rise Fund, HarbourVest Partners LLC, Progressive Casualty Insurance Company, and Gallatin Point Capital LLC
Other Financing Round (2021): $63M led by Russell Westbrook
Series E (2021): $510M supported by Gallatin Point Capital, HarbourVest Partners, Eldridge Industries, Lone Pine Capital, Declaration Partners, Warburg Pincus, Berkshire Partners, The Rise Fund, BlackRock, and Marshall Wace
Other Financing Round (2025): $29M, investors not publicly disclosed
Series G (2026): $123.9M backed by Warburg Pincus
Key Investors in Varo
Warburg Pincus LLC
Warburg Pincus LLC is a leading global private equity firm renowned for its expertise in growth investing. Operating as a private partnership, the firm leverages decades of experience to support investors and management teams in building long-term, sustainable success across diverse market cycles.
The Rise Fund
The Rise Fund, founded in 2016, is an impact investing platform that focuses on investing in growth-stage, mission-driven companies aligned with the United Nations' Sustainable Development Goals. The fund specializes in multiple sectors including climate and conservation, education, food and agriculture, financial inclusion, healthcare, and impact services.
HarbourVest Partners LLC
HarbourVest Partners provides clients with private markets investment solutions through fund investing, secondary, and direct co-investments, as well as commingled funds or separately managed accounts. HarbourVest is headquartered out of Boston, Massachusetts.
What's next for Varo?
With its latest major strategic investment, Varo is poised to accelerate its product development and market penetration. The substantial capital infusion is likely to be directed towards enhancing its technological infrastructure, expanding its service offerings, and scaling its customer acquisition efforts. As a digital-first banking solution, Varo's continued growth will depend on its ability to innovate and adapt to evolving consumer financial needs, further solidifying its position in the competitive fintech landscape. The company's strategic financing rounds indicate a strong commitment from investors to support its long-term vision of transforming traditional banking.
See full Varo company page
