- Varo Bank, a San Francisco, CA-based all-digital nationally chartered bank, raised $63m in funding
- Russell Westbrook, nine time NBA All-Star, NBA MVP, entrepreneur, philanthropist, and designer led the round via Russell Westbrook Enterprises
- The company also intends to use the funds for continued investment in its social impact mission and further development of the product roadmap
- Varo Bank delivers bank accounts that have no minimum balance requirement or monthly account fee, savings accounts, and tech-first features to help people save and manage their money
- Mr. Westbrook’s engagement will also build on the bank’s commitment to bring banking products to everyone
- Varo Advance launched in December 2020 and remains fee-free through March 2021 due to the ongoing effects of the COVID-19 pandemic
