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Founded Year

2015

Stage

Series E | Alive

Total Raised

$991.33M

Valuation

$0000 

Last Raised

$510M | 2 yrs ago

About Varo

Varo provides mobile-based banking solutions. It offers a variety of banking services, including checking accounts, savings accounts, and credit cards. It was formerly known as Ascendit Holdings. It was founded in 2015 and is based in San Francisco, California.

Headquarters Location

San Francisco, California, 94104,

United States

877-377-8276

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Varo's Products & Differentiators

    Varo checking

    standard checking acct

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Research containing Varo

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Varo in 4 CB Insights research briefs, most recently on Nov 17, 2022.

Expert Collections containing Varo

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

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

D

Digital Banking

956 items

Companies and startups in this collection provide banking services to consumers and businesses, as well as enhance, automate, and/or digitize operations for banks and financial institutions.

U

Unicorns- Billion Dollar Startups

1,223 items

F

Financial Wellness

245 items

Track startups and capture company information and workflow.

F

Fintech

8,095 items

Companies and startups in this collection provide technology to streamline, improve, and transform financial services, products, and operations for individuals and businesses.

F

Fintech 250

749 items

250 of the most promising private companies applying a mix of software and technology to transform the financial services industry.

Latest Varo News

Varo Bank – Protecting Gen Z from Itself

Sep 29, 2023

Friday, 29/09/2023 | 11:21 GMT Introducing Varo to Anyone: Serious protection. 0 So, you're sitting in front of your screen, minding your own digitalbusiness, when a plea for help pops up: "Can you wire me $10,000? "It's the kind of message that sets off alarm bells for many, a classic onlinecon notorious for swindling seniors out of their retirement money. But wait,here's the twist - the unsuspecting victims aren't the tech-challenged boomers;it's the tech-savvy Gen Z. Yes, it’s the young ones that are more likely tofall for it. Gen Z More Likely to Be Victims of Scams In a reportfresh off the press from Deloitte , a startling revelation emerges. Despitebeing the generation born and bred in the bowels of the World Wide Web, Gen Zis more likely than boomers to fall prey to internet scams . In a survey encompassingover 2,000 Americans, Deloitte's findings are nothing short of eyebrow-raising. The report found that Gen Z is three times as likely as boomers to fallfor an online scam (16% vs. 5%) and twice as likely as boomers to get hacked onsocial media (17% vs. 8%). Social media scams are nothing new, especially in the crypto space , but as we'll see, they're on the rise. Just so that we know what we're talking about, Oxford Languages defines Gen Z as: "the generation born in the late 1990s or the early 21st century, perceived as being familiar with the use of digital technology, the internet, and social media from a very young age." Keep Reading Why this unexpected result? Well, it's surprisingly straightforward.Younger people these days are virtually living online (pardon the pun). Theyshop, socialize, and work through the internet, giving them more opportunitiesto encounter sly characters promising extravagant crypto returns or deceitfule-commerce sites masquerading as legitimate retailers. It's a perilous digitaljungle out there, and the younger generation is unwittingly wading in deeper. As if that weren't disconcerting enough, the numbers tell a grimmertale. Scam losses are on the meteoric rise, with e-con artists raking inapproximately $210 million from young people under 20 just last year . This is astaggering escalation from the estimated $8.2 million in 2017, according to thewatchdog group, Social Catfish. From our Directory Varo Bank to the Rescue But fear not, for in this digital wilderness, a savior emerges: Varo Bank . Enter Varo to Anyone, a free,instant payment service that doubles as your protective shield against thescammers' onslaught. With Varo to Anyone, money sent, received, and stored fromVaro Bank accounts is insured up to a hefty $250,000. You can send these securetransfers to anyone in possession of a US debit card, irrespective of wherethey bank, and all of this comes with a delightful absence of fees, courtesy ofVaro, a US national bank that’s FDIC-insured. How to send money with Varo to Anyone: just add your recipient, enter the dollar amount, and tap “Send money”. It’s that easy. 💰🌟 pic.twitter.com/S8jFmC4vD7 Here's how it works: Install the Varo app, and you gain the power tosend money instantly to anyone holding a US bank account, no matter whichfinancial institution they favor. Simply grant the app access to your phonecontacts or manually input the recipient's US phone number or email. Afterdispatching the funds, your recipient will receive a prompt text or emailnotification guiding them on how to collect their money. They merely need toenter their debit card information into Varo Bank's secure portal, and voila,the transaction is complete. Sometimes, things come in pairs and this is one of those happy occurrences.Just remember, scammers are out there and it pays to be incredible cautious,especially if you spend a lot of time online. So, you're sitting in front of your screen, minding your own digitalbusiness, when a plea for help pops up: "Can you wire me $10,000? "It's the kind of message that sets off alarm bells for many, a classic onlinecon notorious for swindling seniors out of their retirement money. But wait,here's the twist - the unsuspecting victims aren't the tech-challenged boomers;it's the tech-savvy Gen Z. Yes, it’s the young ones that are more likely tofall for it. Gen Z More Likely to Be Victims of Scams In a reportfresh off the press from Deloitte , a startling revelation emerges. Despitebeing the generation born and bred in the bowels of the World Wide Web, Gen Zis more likely than boomers to fall prey to internet scams . In a survey encompassingover 2,000 Americans, Deloitte's findings are nothing short of eyebrow-raising. The report found that Gen Z is three times as likely as boomers to fallfor an online scam (16% vs. 5%) and twice as likely as boomers to get hacked onsocial media (17% vs. 8%). Social media scams are nothing new, especially in the crypto space , but as we'll see, they're on the rise. Just so that we know what we're talking about, Oxford Languages defines Gen Z as: "the generation born in the late 1990s or the early 21st century, perceived as being familiar with the use of digital technology, the internet, and social media from a very young age." Keep Reading Why this unexpected result? Well, it's surprisingly straightforward.Younger people these days are virtually living online (pardon the pun). Theyshop, socialize, and work through the internet, giving them more opportunitiesto encounter sly characters promising extravagant crypto returns or deceitfule-commerce sites masquerading as legitimate retailers. It's a perilous digitaljungle out there, and the younger generation is unwittingly wading in deeper. As if that weren't disconcerting enough, the numbers tell a grimmertale. Scam losses are on the meteoric rise, with e-con artists raking inapproximately $210 million from young people under 20 just last year . This is astaggering escalation from the estimated $8.2 million in 2017, according to thewatchdog group, Social Catfish. From our Directory Varo Bank to the Rescue But fear not, for in this digital wilderness, a savior emerges: Varo Bank . Enter Varo to Anyone, a free,instant payment service that doubles as your protective shield against thescammers' onslaught. With Varo to Anyone, money sent, received, and stored fromVaro Bank accounts is insured up to a hefty $250,000. You can send these securetransfers to anyone in possession of a US debit card, irrespective of wherethey bank, and all of this comes with a delightful absence of fees, courtesy ofVaro, a US national bank that’s FDIC-insured. How to send money with Varo to Anyone: just add your recipient, enter the dollar amount, and tap “Send money”. It’s that easy. 💰🌟 pic.twitter.com/S8jFmC4vD7 Here's how it works: Install the Varo app, and you gain the power tosend money instantly to anyone holding a US bank account, no matter whichfinancial institution they favor. Simply grant the app access to your phonecontacts or manually input the recipient's US phone number or email. Afterdispatching the funds, your recipient will receive a prompt text or emailnotification guiding them on how to collect their money. They merely need toenter their debit card information into Varo Bank's secure portal, and voila,the transaction is complete. Sometimes, things come in pairs and this is one of those happy occurrences.Just remember, scammers are out there and it pays to be incredible cautious,especially if you spend a lot of time online. ADVERTISEMENT

Varo Frequently Asked Questions (FAQ)

  • When was Varo founded?

    Varo was founded in 2015.

  • Where is Varo's headquarters?

    Varo's headquarters is located at San Francisco.

  • What is Varo's latest funding round?

    Varo's latest funding round is Series E.

  • How much did Varo raise?

    Varo raised a total of $991.33M.

  • Who are the investors of Varo?

    Investors of Varo include Warburg Pincus, The Rise Fund, HarbourVest Partners, Gallatin Point Capital, BlackRock and 12 more.

  • Who are Varo's competitors?

    Competitors of Varo include HMBradley, MoCaFi, Starling Bank, Atom Bank, StoreCash, Jiko, Moven, KOHO, ONE, Monzo and 16 more.

  • What products does Varo offer?

    Varo's products include Varo checking and 1 more.

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Looking for a leg up on competitive, customer and technology insights?
CB Insights puts confidence and clarity into your most strategic decisions.
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Trusted by the world's smartest companies to:
  • Predict emerging trends
  • See competitors' playbooks
  • Stalk the smart money
  • Identify tomorrow's challengers
  • Spot growing industries
  • Kill analyst data work
Let's see how we can help you!
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Compare Varo to Competitors

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Chime offers mobile-based banking services. It is accessible via its mobile banking application offering integrated savings accounts, credit cards, and more. The company was formally known as 1debit. It was founded in 2012 and is based in San Francisco, California.

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Starling Bank

Starling Bank is a digital banking platform offering personal, joint, and business accounts. It lets people visualize and manage their finances and facilitates money transfers, overdrafts and loans, multi-currency accounts, trading accounts, and more. The company was founded in 2014 and is based in London, United Kingdom.

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N26

N26 provides a mobile banking platform. It gives customers a solution to control finances. The company allows users to open an N26 account directly from their phone or computer. It also offers insights into spending habits. It was founded in 2013 and is based in Berlin, Germany.

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Revolut

Revolut provides financial technology solutions. It offers a mobile application that allows users to send and receive money, exchange currencies, make payments, and more. The company was founded in 2015 and is based in London, United Kingdom.

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Atom Bank

Atom Bank operates as a digital banking service provider. It allows customers to open accounts using a mobile application, allows to access financial information, and the ability to take advantage of a range of tools. It offers fixed deposit facilities and loan facilities for small and medium enterprises. The company was founded in 2014 and is based in Durham, United Kingdom.

B
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Bancacao is a developer of banking products. The company's Tzune is a digital financial services platform that offers fair, contactless, and personal solutions.

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