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
*********
- Legal Name Varo Bank, N.A.
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Annual Revenue
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Net Profit
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EBITDA
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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
Employee Count
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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. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
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.
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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.
- Total Funding Total Funding
- Total Rounds 8
- Last Round Series G — $29.0M
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First Round
First Round
(02 May 2016)
- Investors Count 17
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jan, 2025 | Amount | Series G - Varo | Valuation |
investors |
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| Sep, 2021 | Amount | Series E - Varo | Valuation | Lone Pine Capital | |
| Feb, 2021 | Amount | Series D - Varo | Valuation | Russell Westbrook Enterprises |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Holding company investing in insurance, asset management, technology, mobility, sports, music, real estate, and consumer sectors
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Founded Year | Domain | Location | |
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Long-short equity strategies are managed through specialized hedge funds.
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Founded Year | Domain | Location | |
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Private equity investments are directed toward growth-stage companies.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Varo
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Varo
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
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| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Varo Comparisons
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. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Internet first bank for individuals and businesses
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| domain | founded_year | HQ Location |
Banking solutions are provided for retail customers and businesses.
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| domain | founded_year | HQ Location |
An online platform for retail banking solutions is provided.
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| domain | founded_year | HQ Location |
Digital banking services are offered to individuals and businesses.
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| domain | founded_year | HQ Location |
Commercial banking services are offered nationwide by Axos Bank.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Varo
Frequently Asked Questions about Varo
When was Varo founded?
Varo was founded in 2015 and raised its 1st funding round 1 year after it was founded.
Where is Varo located?
Varo is headquartered in San Francisco, United States. It is registered at San Francisco, California, United States.
Who is the current CEO of Varo?
Colin Walsh is the current CEO of Varo. They have also founded this company.
Is Varo a funded company?
Varo is a funded company, having raised a total of $1.02B across 8 funding rounds to date. The company's 1st funding round was a Series D of $63M, raised on May 02, 2016.
What does Varo do?
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.
What products or services does Varo offer?
Varo offers Varo Bank Account, High-Yield Savings Account, Varo Believe Card, and Varo Advance.
Who are Varo's investors?
Varo has 17 investors. Key investors include Progressive Insurance, HarbourVest Partners, BlackRock, Marshall Wace, and Warburg Pincus.
What is Varo's valuation?
The valuation of Varo is $2.5B as of Sep 2021.
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