Dealflow | June 4, 2020

Varo raises $241 million to expand inclusive digital banking in the U.S.

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, June 4 – Varo is among the wave of online banking platforms promising to be more customer-friendly. Its basic account charges no fees, including on overdrafts up to $50.

The company’s focus on inclusive financial services and financial management support “really matters at a time when so many American families are struggling in a volatile economy,” said Maya Chorengel of TGP’s Rise Fund.

Rise Fund re-upped its investment in Varo’s Series D round. Other backers include Gallatin Point Capital, HarbourVest Partners and Progressive Insurance.