Founded Year

2015

Stage

Series E | Alive

Total Raised

$991.33M

Valuation

$0000 

Last Raised

$510M | 1 yr ago

Mosaic Score

+20 points in the past 30 days

What is a Mosaic Score?
The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.

About Varo Bank

Varo Bank offers a debit card and deposit and lending products via a mobile app and will be built around a 24/7 digital financial coach that will give insights, analysis of spending, and real-time budgeting.

Varo Bank Headquarter Location

222 Kearny Street 9th Floor

San Francisco, California, 94108,

United States

877-377-8276

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Varo Bank's Products & Differentiation

See Varo Bank's products and how their products differentiate from alternatives and competitors

  • Varo checking

    standard checking acct

    Differentiation

    digital card, etc 

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    Differentiation

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Expert Collections containing Varo Bank

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Varo Bank is included in 5 Expert Collections, including Banking.

B

Banking

951 items

U

Unicorns- Billion Dollar Startups

1,180 items

F

Financial Wellness

245 items

Track startups and capture company information and workflow.

F

Fintech

7,442 items

US-based companies

F

Fintech 250

500 items

250 of the top fintech companies transforming financial services

Latest Varo Bank News

Stack Capital Group Inc. Reports Q2-2022 Financial Results

Aug 3, 2022

Author of the article: Article content TORONTO, Aug. 03, 2022 (GLOBE NEWSWIRE) — Stack Capital Group Inc., (“Stack Capital” or the “Company”) (TSX: STCK and STCK.WT) today announced its financial results for the three and six months ended June 30, 2022. Stack Capital reports all amounts in Canadian Dollars unless otherwise stated. We apologize, but this video has failed to load. Try refreshing your browser, or Company Commentary: As at June 30, 2022, Book Value per Share of the Company was $11.80 as compared with $11.25 as at June 30, 2021, a 5% increase. The Company’s cash position as at June 30, 2022, was $44.9 million or $4.94 per share. To date, the Company has completed seven investments totalling $62.6 million or $6.88 per share as at June 30, 2022, into the following: SpaceX (space exploration & communications) Prove Identity, Inc. (cyber-security) Varo Money, Inc. (neo-banking) Article content Recent dislocations across the financial markets have created attractive private equity investment opportunities that the Company believes offer strong risk/reward profiles. Stack Capital will look to capitalize on the current market weakness through both primary issuances and secondary transactions “Despite the challenging market environment, we’re quite pleased to report that several of our existing portfolio companies have continued to generate growth,” said Jeff Parks, CEO of Stack Capital. “With roughly 42% of the portfolio in cash, we’re in excellent position to take advantage of opportunities born out of the recent market weakness. As with our previous investments, we will focus our efforts in targeting preferred shares of leading private companies – which provide an additional margin of safety for our shareholders.” Advertisement 3 Article content Q2-2022 Highlights As at June 30, 2022, the Book Value of the Company was $107.2 million, and the Book Value per Share was $11.80. A detailed summary of Book Value per Share is as follows: Breakdown of Book Value per Share as at June 30, 2022:       In May 2022, Stack Capital invested US$8 million in Newfront Insurance, Inc. (“Newfront”). Newfront is a provider of insurance, retirement solutions, and employee benefits; its innovative software-driven platform is modernizing the insurance brokerage business, delivering a better experience for customers, and providing insurance professionals with the tools to enhance productivity. Already profitable, Newfront is growing at a rate that significantly exceeds the industry average; meanwhile, its established client base, made up of some of silicon valley’s top companies, offers attractive organic growth potential. In May 2022, Stack Capital invested US$7 million in GoEuro Corp. (“Omio”). Omio is a leading multi-modal travel booking platform that allows consumers to easily book trains, buses, ferries, and flights – saving them both time and money. Omio initially began as an app to book trains throughout Europe with an easy-to-use solution but has since expanded into multiple business lines and geographies that have strengthened both revenue and scalability. In June 2022, Stack Capital invested an additional US$2.1 million in Prove Identity Inc. (“Prove”). As a result of this investment at a lower share price, the Company has revised the common share fair value of previously held common shares resulting in an unrealized loss on this investment of $0.2 million on the Statements of Income (Loss) and Comprehensive Income (Loss). During Q2 2022, Stack management recognized an unrealized loss on its position in Varo Money, Inc. (“Varo”). Given the drawdown in valuations across public FinTech companies, the Company concluded that the current fair market value estimate for Varo had changed and, as such, recognized an unrealized loss on the investment of $3.3 million on the Statements of Income (Loss) and Comprehensive Income (Loss). During Q2 2022, Stack management increased the value of its position in SpaceX (FNEX Ventures LLC – Series 103) by $1.3 million, reflecting a recent financing completed in May 2022 that valued the business at $127 billion. SpaceX was previously valued at $100 billion, following a stock sale in October 2021. The increase in value was recognized as an unrealized gain on the Statements of Income (Loss) and Comprehensive Income (Loss). Advertisement 4

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  • When was Varo Bank founded?

    Varo Bank was founded in 2015.

  • Where is Varo Bank's headquarters?

    Varo Bank's headquarters is located at 222 Kearny Street, San Francisco.

  • What is Varo Bank's latest funding round?

    Varo Bank's latest funding round is Series E.

  • How much did Varo Bank raise?

    Varo Bank raised a total of $991.33M.

  • Who are the investors of Varo Bank?

    Investors of Varo Bank include Warburg Pincus, The Rise Fund, HarbourVest Partners, Gallatin Point Capital, BlackRock and 11 more.

  • Who are Varo Bank's competitors?

    Competitors of Varo Bank include Starling Bank, Atom Bank, MoCaFi, One Finance, Monzo, HMBradley, N26, Chime, First Boulevard, Revolut and 12 more.

  • What products does Varo Bank offer?

    Varo Bank's products include Varo checking and 1 more.

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