How Much Did Varo Raise? Headquarters, Funding & Key Investors

Varo has raised $1.02 billion across multiple funding rounds, including a $29 million Series G round in February 2025, backed by major investors such as Warburg Pincus, The Rise Fund, and Lone Pine Capital. Headquartered in San Francisco, Varo has reached a valuation of $2.5 billion (as of September 2021). The neobank offers mobile-first savings, checking, and transfer services designed for inclusivity and accessibility. With over 800 employees, Varo continues to expand its footprint in the fintech landscape, blending technology, affordability, and customer empowerment.

How Much Did Varo Raise? Funding & Key Investors

Varo is redefining the traditional banking model through its fully digital, mobile-first banking experience. The company provides accessible financial services, including savings and checking accounts, money transfers, and NFC-enabled debit cards. By eliminating hidden fees and prioritizing transparency, Varo empowers customers to save smarter and manage money more effectively. Its innovative app-based platform is designed to bring simplicity and inclusivity to banking for individuals across the United States.

What Is Varo and What Does It Do?

Varo, founded in 2015 by Colin Walsh, Assaf Guery, Mykola Klymenko, and Roger Van Duine, is a San Francisco-based (United States) digital banking company. The company provides modern banking services, including savings accounts, debit cards, and online payments through its iOS and Android applications.

Varo employs between 501 and 1000 people. Its platform eliminates unnecessary banking fees and offers customers real-time insights, budgeting tools, and automated savings features. The company focuses on promoting financial inclusion and empowering users to take control of their economic well-being through an easy-to-use mobile interface.

How Much Funding Has Varo Raised?

*1. Series A* • Amount Raised: $28.4M
• Date: May 2016
• Lead Investors: Warburg Pincus
• Motivation: To expand the team and accelerate product development.

*2. Debt Financing* • Amount Raised: $5M
• Date: January 2017
• Motivation: To support operational costs and initial market entry.

*3. Series B* • Amount Raised: $45M
• Date: January 2018
• Lead Investors: The Rise Fund, Warburg Pincus
• Motivation: To scale operations and enhance product offerings.

*4. Series C* • Amount Raised: $100M
• Date: July 2019
• Lead Investors: Not publicly disclosed
• Motivation: To expand market reach and improve technology infrastructure.

*5. Series D* • Amount Raised: $241M
• Date: June 2020
• Lead Investors: Gallatin Point Capital, The Rise Fund, Jeffrey Skoll, Bono
• Motivation: To support rapid growth and new product launches.

*6. Corporate Round* • Amount Raised: $63M
• Date: February 2021
• Lead Investors: Russell Westbrook Enterprises
• Motivation: To enhance brand presence and strategic partnerships.

*7. Series E* • Amount Raised: $510M
• Date: September 2021
• Lead Investors: Lone Pine Capital
• Motivation: To fuel international expansion and technological advancements.

*8. Venture Round* • Amount Raised: $50M
• Date: February 2023
• Lead Investors: Warburg Pincus
• Motivation: To support ongoing innovation and market penetration.

*9. Series G* • Amount Raised: $29M
• Date: February 2025
• Motivation: To sustain growth and enhance customer experience.

Total Funding Raised: $1.02 Billion

Current Valuation: $2.5 Billion (as of September 2021)

Latest Funding Date: February 2025

Key Investors

*Warburg Pincus* • Details: A global private equity firm specializing in growth investments across sectors.
• Investment Focus Areas: Technology, Healthcare, Financial Services.
• Notable Investments: Airbnb, CrowdStrike, Ant Financial.
*Lone Pine Capital* • Details: A hedge fund founded by Stephen Mandel, known for its concentrated long-term investment strategy.
• Investment Focus Areas: Technology, Consumer, Healthcare.
• Notable Investments: Amazon, Alphabet, Microsoft.
*The Rise Fund* • Details: An impact investment fund managed by TPG, targeting financial returns alongside social outcomes.
• Investment Focus Areas: Education, Healthcare, Technology.
• Notable Investments: EverFi, DreamBox Learning, Brava Home.

Where Is Varo’s Headquarters?

Varo’s headquarters is located in San Francisco, California, a global hub for fintech and digital innovation. Being based in the Bay Area provides Varo with access to a large pool of tech talent, financial institutions, and strategic investors, supporting its continued growth in the neobanking space.

What’s Next for Varo?

Varo is expected to strengthen its position in the neobanking ecosystem by expanding financial product offerings, including credit solutions and personalized savings tools. The company plans to enhance AI-driven financial insights, improve customer experience, and increase market penetration across the U.S. With its strong funding base and mission to make banking accessible to all, Varo continues to challenge traditional financial institutions through innovation and inclusion.

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