Digital Bank Varo Closes $241m Series D

Varo is inching closer to becoming a fully regulated digital bank; they have closed a new funding round, a $241 million Series D, which puts them in a very strong position now; they needed $104 million in equity capital to gain the banking charter, so this funding gives them a big buffer to meet that; Varo is in the final stages of approval for their charter which the company expects to receive as early as this summer; as banking has become more digital due to the pandemic companies like Varo are thriving; Colin Walsh, CEO and founder, said, “Since the onset of COVID we’ve seen an acceleration of consumers adopting digital banking. There’s been a huge surge in deposits, a huge surge in payment activity, and a surge in customer accounts.” Forbes

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