About Varo
Varo is a Financial Services company based in San Francisco (United States) founded in 2015 by Colin Walsh, Assaf Guery, and Mykola Klymenko. Digital banking services are offered to individuals via mobile apps. It operates on a FinTech and Subscription Services model. Varo has raised $1.12 billion across 8 funding rounds from investors including SVB, Progressive Insurance and HarbourVest Partners. The company has 408 employees. Varo was last valued at $1.85 billion in January 2023. Its chief executive, as recorded, is Colin Walsh. Its website varomoney.com draws about 1.3 million monthly visits. Varo offers products and services including Varo Bank Account, High-Yield Savings Account, Varo Believe Card, and Varo Advance. Its focus areas include Banking and Digital Banking. Its legal entity is Varo Bank, N.A. Its competitors include Comun, Axos Bank and Discover; 1 of its 3 listed competitors has raised funding.
Company details
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.
- Total Equity Funding$1.12B (USD)
in 8 rounds
- Latest Funding Round$29M (USD), Series G
Jan 2025
- InvestorsSVB
& 34 more
- Employee Count408
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.
Apps and channels of Varo
Varo publishes 2 mobile apps with over 5M+ downloads; its YouTube channel Varo. A bank for all of us. has 4.62K subscribers and 30 videos.
Videos from Varo
The most watched videos on Varo's YouTube channel, Varo. A bank for all of us. (4.62K subscribers). Click a video to play it here.
More on Varo. A bank for all of us..
Funding Insights of Varo
Varo has successfully raised a total of $1.12B 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.
- Total Funding $1.12B
- Total Rounds 8
- Last Round Series G — $29M
- First Round $27M
(May 2016)
- Investors Count 35
All 8 funding rounds of Varo with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jan 2025 | $29M | Series G | – | – | – |
| Sep 2021 | $510M | Series E | $2.5B | Lone Pine Capital | |
| Feb 2021 | $63M | Series D | – | Russell Westbrook Enterprises | – |
| Jun 2020 | $241M | Series D | – | Gallatin Point Capital, The Rise Fund | |
| Jul 2019 | $100M | Series C | – | Warburg Pincus | |
| Jan 2018 | $45M | Series B | – | Warburg Pincus, The Rise Fund | – |
| Nov 2016 | $5.33M | Series A | – | – | – |
| May 2016 | $27M | Series A | – | Warburg Pincus | – |
| Date | Valuation | Stage |
|---|---|---|
| Sep 2021 | $2.5B | •••••••• |
Last known valuation $1.85B (Jan 2023). 35 investors in total: 33 institutional and 2 angel.
Investors in Varo
Varo has secured backing from 35 investors, including venture fund, institutional, and angel investors. Prominent investors backing the company include SVB, Progressive Insurance and HarbourVest Partners.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Holding company investing in insurance, asset management, technology, mobility, sports, music, real estate, and consumer sectors | eldridge.com | Miami, United States | ||
Long-short equity strategies are managed through specialized hedge funds. | 1997 | mwam.com | London, United Kingdom | |
Private equity investments are directed toward growth-stage companies. | berkshirepartners.com | Boston, United States | ||
Long/short and long-only strategies are employed by the hedge fund. | lonepinecapital.com | Greenwich, United States | ||
Growth capital is invested in later-stage businesses by the firm. | 2021 | stackcapitalgroup.com | Toronto, Canada | |
Early-stage startups are funded by this Beijing-based venture capital fund. | ceinnovationcap.com | Beijing, China | ||
Private equity investments are directed toward financial institutions and services. | gallatinpoint.com | Greenwich, United States | ||
Sector-agnostic VC investment company investing globally | therisefund.com | San Francisco, United States | ||
Private market investment solutions are offered to institutional clients. | 1982 | harbourvest.com | Boston, United States | |
Multi-stage private equity investments are pursued across diverse sectors. | 1966 | warburgpincus.com | New York, United States |
Investor details for Varo
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
People of Varo
69 people are tracked at Varo (37 in leadership, 3 in board & advisors, 29 in team); the tracked headcount is 408.
| Name | Role | Group |
|---|---|---|
Colin Walsh | Co-Founder & CEO | Leadership |
Assaf Guery | Founder | Leadership |
Mykola Klymenko | Founder | Leadership |
Nicole Mottola | Lead Talent Partner | Leadership |
Dan Beneke | Director - Strategy And Business Operations - Office Of The CEO | Leadership |
Peony Cheung | Executive Assistant To Chief Technology Officer | Leadership |
Mason Field | Head Of Creative | Leadership |
Jeff Dwight | General Manager, Engagement | Leadership |
Brian Flanagan | Director Of Credit Policy And Loss Reserving | Leadership |
Nick Yuen | Head Of Organic Acquisition | Leadership |
Gavin Michael | CEO | Leadership |
Drew Hampton | Director Of Peformance Marketing | Leadership |
Carolyn Feinstein | Chief Marketing, Growth, And Design Officer | Leadership |
Lindsay Orr | Sr. Director Of People Ops | Leadership |
Ryan Giles | Head Of Talent Acquisition | Leadership |
Andrea Fuller | VP Head Of Communications | Leadership |
Jenn Kim | Sr. Manager, Customer Advocacy - Office Of The CEO | Leadership |
Hussein Kalaoui | Chief Marketing Officer | Leadership |
Viral Parikh | Head Of Data, Ai/ml Engineering & Applied Science | Leadership |
Rathi Murthy | CTO | Leadership |
49 more people are available in the full profile.
Complete people profiles for Varo
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
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- Team structure
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Timeline of Varo
4 dated milestones of Varo across 10 years, from founding to its latest funding, stage changes and deals.
- Founded Varo is founded.
- Funding First funding round of $27.0M.
- Milestone Reaches Unicorn status.
- Funding Latest funding round, Series G, of $29.0M.
Competitors of Varo
Varo has 3 listed competitors in our database, 1 of them funded. They include Comun, Axos Bank and Discover.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| comun.app | 2021 | New York, United States | $26M | 19 | An online platform for retail banking solutions is provided. | |
| axosbank.com | 2000 | San Diego, United States | 1,455 | Commercial banking services are offered nationwide by Axos Bank. | ||
| discover.com | 1985 | Riverwoods, United States | 21,100 | Discover is recognized for providing credit cards and banking services. |
Detailed competitors of Varo
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
- Operating metrics
- Benchmarks
- Competitive positioning
Verified entity values are shown only after access is granted.
Web traffic of Varo
The website of Varo (varomoney.com) receives about 1.3M visits a month and ranks #33,296 among all websites worldwide, #2,124 in Finance.
- Monthly visits1.3M
- Unique visitors752.4K
per month
- Global rank#33,296
among all websites
- Category rank#2,124
Finance · Finance
- Bounce rate40%
- Pages per visit5.0
- Average visit2 min 42 sec
- DevicesDesktop 21% · Mobile 79%
Websites whose visitors overlap most with Varo. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| chime.com | 100% | 13.9M | #3,849 | View details | |
| nerdwallet.com | 93% | 22.3M | #2,677 | View details | |
| cash.app | 92% | 18.8M | #3,056 | View details | |
| cit.com | 89% | 3.4M | #20,233 | View details | |
| bankrate.com | 83% | 10.4M | #5,762 | View details | |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
All 40 similar websites and full traffic analytics for Varo
The complete similar-websites list, audience overlap and engagement analytics require an active premium plan.
- 40 similar websites
- Audience overlap
- Engagement analytics
- Traffic by brand
Verified entity values are shown only after access is granted.
Top companies in Banking & FinTech Platforms
3 companies that operate in the same segment as Varo (Banking & FinTech Platforms) in United States, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Online business banking and financial workflow tools are provided. | 2010 | San Francisco, California, United States | USD 546 M | USD 2.71 M | 1,807 | |
Digital banking services are offered to individuals via mobile apps. | 2012 | San Francisco, California, United States | USD 3.15 B | USD 1.96 B | 2,516 | |
Digital sustainable banking services are offered to consumers. | 2013 | Los Angeles, California, United States | USD 865 M | 237 |
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Related news about Varo
Complete news archive for Varo
Full article history, source details, and older brand coverage require an active premium plan.
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- Brand-specific news history
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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 CEO of Varo, as recorded in our data. They have also founded this company.
Varo is a funded company, having raised a total of $1.12B across 8 funding rounds to date. The company's 1st funding round was a Series A of $27M, raised on May 2016.
Varo has 408 employees.
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 35 investors. Key investors include SVB, Progressive Insurance, HarbourVest Partners, BlackRock, and TPG.
The valuation of Varo is $1.85B as of Jan 2023.
Varo operates through Varo Bank, N.A..
Yes. Varo publishes Varo Bank: Online Banking and 1 more app, with over 5 million downloads.