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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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