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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.
PRODUCTS & SERVICES
Mobile banking app
The company's revenue model is not yet decided.
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
VALUATION / MARKET CAP:
$180 M in 2018
$1.0M - $4.99M in 2018
The company had a revenue of $2Million in 2018
Mykola (Kolya) Klymenko
Roger Van Duinen
BOARD MEMBERS AND ADVISORS
Cary J. Davis
NUMBER OF EMPLOYEES
Colin Walsh(CEO); Mykola Klymenko(CTO);Assaf Guery(CDO); Kolya Klymenko(CTO)
DATE OF LAST FUNDING
TOTAL FUNDING COMMENT
The company is planning to use the fund for future explosive growth of Varo’s banking app (Jan 2018).
SERIES B · $45 M · Jan 2018
SERIES C · $100 M · Jul 2019
SERIES D · $241 M · Jun 2020
OTHERS · $28.4 M · May 2016
Debts funding: $5 M(Jan 2017), Private Equity: $28.4 M(May 2016)
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