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HomeFinTechVaro Bank: Raises $63M in Funding from Russell Westbrook Enterprises

Varo Bank: Raises $63M in Funding from Russell Westbrook Enterprises

Date:

  • 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

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