$123,900,000.
That’s the new capital raised by Varo Bank, a Propel(x) Alumni company, and it marks an important next chapter for this neobank.
Varo closed a $123.9M Series G, bringing total funding to $1.1B. The round was led by Warburg Pincus and Coliseum Capital Management, with support from existing investors.
So, what does this capital support?
Scale.
Varo is one of the few U.S. challenger banks operating with its own national bank charter, giving it direct control over deposits, lending, and customer relationships.
In the past year alone, its lending products generated $547M in volume, powered by machine learning models that expand access beyond traditional credit scores.
Another key update:
Two seasoned banking leaders joined the Board –
• Alice Milligan, former CMO at Morgan Stanley
• Kevin Watters, former division CEO at JPMorgan
In a competitive market alongside players like SoFi and Chime, Varo’s edge is clear:
Technology-first experience.
Regulated banking discipline.
Focused scaling.
Excited to see this Propel(x) portfolio company enter its next growth phase. Interested in learning more about Varo and other private market opportunities?
Register on Propel(x) to explore our portfolio:https://app.propelx.com/
