Varo Money
neobanks / digital banks . over the top
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About
Varos mission is to redefine banking so its easy for everyone to make smart choices with their money.And were on our way. In July 2018, the Office of the Comptroller of the Currency (OCC) granted Varo preliminary approval for a national bank charter, keeping us on track to become the first mobile-only national bank in U.S. history.Were working toward our mission with a team that uniquely and strategically combines banking veterans with technology experts. The banking experts provide decades of industry experience, and the tech experts can build a mobile app that offers everyone access to no-cost, premium banking, including high-yield savings and auto-saving tools.Varo has raised $78M to date, led by Warburg Pincus and The Rise Fund/TPG Growth.
Varo is a mobile only neo banking platform that provides debit card, deposit and lending products via its mobile app and also offers proactive insights, analysis of spending and real-time budgeting. Currently the product is in beta testing.
Focus
PRODUCTS & SERVICES
Mobile banking app
REVENUE MODEL
The company's revenue model is not yet decided.
EXISTING PARTNERSHIPS
Partnered with Bancorp Bank to support mobile checking & saving accounts. Partnered with Socure for identity verification services. Partnered with Galileo Processing to provide payment and transaction processing services. Partnered with Cachet Financial Solutions for mobile check desposit
Traction
VALUATION / MARKET CAP:
$180 M in 2018
COMPANY TYPE:
For Profit
REVENUE
$1.0M - $4.99M in 2018
REVENUE COMMENT:
The company had a revenue of $2Million in 2018
People
FOUNDERS
Assaf Guery
Mykola (Kolya) Klymenko
Roger Van Duinen
Mykola Klymenko
BOARD MEMBERS AND ADVISORS
Cary J. Davis
Karen White
Caryl Athanasiu
Odile Roujol
NUMBER OF EMPLOYEES
201-500
INVESTORS:
KEY EMPLOYEES:
Colin Walsh(CEO); Mykola Klymenko(CTO);Assaf Guery(CDO); Kolya Klymenko(CTO)
Colin Walsh
Momentum
FUNDED
YES
NUMBER OF FUNDING ROUNDS
5
TOTAL FUNDING
$414.4 M
DATE OF LAST FUNDING
Jun 2020
IPO STATUS
Private
TOTAL FUNDING COMMENT
The company is planning to use the fund for future explosive growth of Varo’s banking app (Jan 2018).
ESTIMETED REVENUE RANGE
$1M to $10M
FUNDING SERIES
SERIES B · $45 M · Jan 2018
SERIES C · $100 M · Jul 2019
SERIES D · $241 M · Jun 2020
OTHERS · $28.4 M · May 2016
DEBT FUNDING
$5 M
LISTED
NO
COMMENT
Debts funding: $5 M(Jan 2017), Private Equity: $28.4 M(May 2016)
Web Traffic
MONTHLY VISITS
1,009,475
AVERAGE VISITS (6 MONTHS)
813,559.47
MONTHLY VISITS GROWTH
10.49%
VISIT DURATION
196
VISIT DURATION GROWTH
-3.3%
PAGE VIEWS VISIT
3.23
PAGE VIEWS VISIT GROWTH
-19.17%
BOUNCE RATE
54.86%
BOUNCE RATE GROWTH
5.28%
GLOBAL TRAFFIC RANK
45,879
MONTHLY RANK CHANGE
-7,163
MONTHLY RANK GROWTH
-13.5%
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