Varo Money Closes $45 Million in Series B Financing
Mobile banking startup Varo Money, Inc., announced today that it has closed a $45 million Series B funding round led by existing investor Warburg Pincus and The Rise Fund.
Varo is on a mission to change the future of banking by offering customers a “frictionless bank account” that integrates banking, saving and lending products with tools to help customers smooth cash flow and build savings— all from their mobile phones. The company aims to eliminate the unfriendly fees that traditional banks often charge, such as overdraft, minimum balance and foreign transaction fees. In addition, Varo does not charge ATM fees at a network of more than 55,000 Allpoint ATMs worldwide.
”Within financial services, which is a key sector for The Rise Fund, we see tremendous opportunity for disruption and innovation that will help more consumers save regularly, spend wisely and borrow responsibly,” said Maya Chorengel, senior partner with The Rise Fund. “We’re looking forward to working with Varo to advance its mission of creating real value and positive impact for customers in a way that is simple and intuitive.”