About Varo
Varo is a company based in San Francisco (United States) founded in 2015 by Colin Walsh. It operates as a FinTech and Subscription Services. Varo has raised $1.02 billion across 8 funding rounds from investors including Progressive Insurance, HarbourVest Partners and BlackRock. Varo offers products and services including Varo Bank Account, High-Yield Savings Account, Varo Believe Card, and Varo Advance. Varo operates in a competitive market with competitors including Monzo, Revolut, Comun, Bunq and Axos Bank, among others.
- Headquarter San Francisco, United States
- Founders Colin Walsh
- Stage Unicorn
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Sectors
Financial Services
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Email
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Phone
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Website
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Social
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- Legal Name Varo Bank, N.A.
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Annual Revenue
Not available
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Net Profit
Not available
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EBITDA
Not available
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Total Equity Funding
$1.02 B (USD)
in 8 rounds
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Latest Funding Round
$29 M (USD), Series G
Jan 31, 2025
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Investors
Progressive Insurance
& 16 more
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Employee Count
Not available
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Products & Services of Varo
Varo offers a comprehensive portfolio of products and services, including Varo Bank Account, High-Yield Savings Account, Varo Believe Card, and Varo Advance.
A bank account with no hidden fees offered.
Savings account with high APY rates provided.
Secured card for building credit score offered.
Short-term cash advance up to $500 available.
People of Varo
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Leadership Team
11 people
Software Development Team
8 people
Human Resources and Administration
7 people
Sales and Marketing
6 people
Legal and Compliance
4 people
Creative and Marketing Team
4 people
Product Management Team
4 people
Senior Team
4 people
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Funding Insights of Varo
Varo has successfully raised a total of $1.02B across 8 strategic funding rounds. The most recent funding activity was a Series G round of $29 million completed in January 2025. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
Investors in Varo
Varo has secured backing from 17 investors, including venture fund, institutional, and angel investors. Prominent investors backing the company include Progressive Insurance, HarbourVest Partners and BlackRock.
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Holding company investing in insurance, asset management, technology, mobility, sports, music, real estate, and consumer sectors
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Long-short equity strategies are managed through specialized hedge funds.
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Private equity investments are directed toward growth-stage companies.
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Investor details for Varo
Investor domains, locations, round participation, and complete history require an active premium plan.
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Verified entity values are shown only after access is granted.
Investments & Acquisitions by Varo
Investment portfolio details for Varo
Portfolio company identities, transaction dates, round details, and investment values require an active premium plan.
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- Transaction dates
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Financial Statements - Varo
Detailed financials for Varo
Historical revenue, profit, statement rows, ratios, and trend charts require an active premium plan.
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- Profit trends
- Statement rows
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Varo Comparisons
Peer comparison for Varo
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- Named peers
- Headcount comparison
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Competitors of Varo
Varo operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Monzo, Revolut, Comun, Bunq and Axos Bank, among others.
| Company Name | Domain | Founded year | HQ Location | Description |
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Internet first bank for individuals and businesses
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Banking solutions are provided for retail customers and businesses.
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An online platform for retail banking solutions is provided.
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Digital banking services are offered to individuals and businesses.
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Commercial banking services are offered nationwide by Axos Bank.
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Detailed competitors of Varo
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Latest news on Varo
Complete news archive for Varo
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Frequently Asked Questions about Varo
Varo was founded in 2015 and raised its 1st funding round 1 year after it was founded.
Varo is headquartered in San Francisco, United States. It is registered at San Francisco, California, United States.
Colin Walsh is the current CEO of Varo. They have also founded this company.
Varo is a funded company, having raised a total of $1.02B across 8 funding rounds to date.
Varo is operated as a digital bank offering a range of financial services with no hidden fees. Banking solutions, high-yield savings accounts, credit-building cards, and cash advances are provided to customers. The platform is focused on accessibility and affordability in the financial sector, ensuring services like early payday access and fee-free cash deposits at numerous locations. Security is emphasized with FDIC insurance covering deposits up to 250,000. Operations are supported by a mobile app for ease of use across various financial needs.
Varo offers Varo Bank Account, High-Yield Savings Account, Varo Believe Card, and Varo Advance.
Varo has 17 investors. Key investors include Progressive Insurance, HarbourVest Partners, BlackRock, Marshall Wace, and Warburg Pincus.
The valuation of Varo is $2.5B as of Sep 2021.