Varo Money

neobanks / digital banksover the top

FOUNDING YEAR: 2015
LOCATION: United States
Last Update: 23/10/2020

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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.

MEDICI Analysis

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

REVENUE

$1.0M - $4.99M in 2018

REVENUE COMMENT:

The company had a revenue of $2Million in 2018

People

FOUNDERS

Assaf Guery

Colin Walsh

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:

Gallatin Point Capital

HarbourVest Partners

Silicon Valley Bank

The Rise Fund

TPG

Warburg Pincus

Manatt Venture Fund

Gopher Asset Management

Jeffrey S. Skoll

Paul Hewson (Bono)

Progressive Insurance

KEY EMPLOYEES:

Colin Walsh(CEO); Mykola Klymenko(CTO);Assaf Guery(CDO); Kolya Klymenko(CTO)

Momentum

FUNDED

YES

TOTAL FUNDING

$414.4 M

DATE OF LAST FUNDING

Jun 2020

TOTAL FUNDING COMMENT

The company is planning to use the fund for future explosive growth of Varo’s banking app (Jan 2018).

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)

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