Varo Money: Raised $241 million in venture funding
- Raised $241 million in venture funding with proceeds going to meet the capital requirements necessary to operate a national bank
- The Series D round of funding co-led by Gallatin Point Capital, a new investor to Varo and also The Rise Fund
- Since the beginning of 2020, Varo has seen a nearly 350% uptick in deposits, a 140% increase in spending activity
- It provided direct deposit customers with early access to stimulus and also unemployment funds, increased deposit and ATM limits
- Varo in the final stages of landing a national bank charter, awaiting a sign-off from the OCC, FDIC
- The fintech needs to have $104 million in equity to gain the banking charter and this fundraising round far exceeded that
