Varo Bank
Funding History
| Series E · 09/2021 | $2.5B |
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Overview
Varo Bank is a U.S. digital bank that offers fee-free checking and savings accounts, a credit-building card, small-dollar cash advances, and a personal line of credit, all through its mobile app. The company was founded in San Francisco in 2015 by Colin Walsh and launched its consumer banking app in 2017, initially operating through a partner bank.
In July 2020, Varo became the first fintech company to be granted a national bank charter by the U.S. Office of the Comptroller of the Currency, after roughly three and a half years and more than 5,000 pages of regulatory filings; it received FDIC deposit insurance approval earlier that year and completed Federal Reserve Board approval before its charter was formally signed. Operating as Varo Bank, N.A. let the company issue its own deposit and lending products directly rather than through a partner bank.
Varo has continued to build out lending and savings products on top of its charter, and by 2025 had grown to roughly five million customers. Colin Walsh stepped down as CEO after a decade leading the company, with Gavin Michael taking over the role, and Varo has continued hiring senior finance leadership as it pushes toward profitability.
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