Varo Bank, a Propelx alumni company, continues to redefine digital banking. We first invested in Varo in 2021 during their Series E.
Today, the company has a valuation of around $2.5B (CNBC) and backing from top-tier investors including Lone Pine Capital, Warburg Pincus, TPG, BlackRock, Berkshire Partners, HarbourVest Partners, Firebolt Ventures, Progressive Insurance, and Silicon Valley Bank.
Founded in 2015, Varo is the first consumer fintech in US history to gain full regulatory approval to become a national bank.
Led by CEO Colin Walsh, Varo has grown rapidly while introducing innovations like:
– PreMatch technology for seamless direct deposit setup
– High-yield savings accounts with up to 5% APY
– Believe credit-builder card
– Varo Advance line of credit
With over $100M in annual recurring revenue and gross margins above 70%, Varo has cemented its place as a leading U.S. digital bank.
We are proud to have invested in Varo’s journey and applaud the team for their vision and execution.
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