# Varo Bank, N.A.

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/varo-bank-n-a

- Industry: Financial Services
- Headquarters: San Francisco, US
- Website: www.varomoney.com
- Total disclosed funding: $923M
- Latest round: Series G (Feb 2, 2026)
- Investors on record: 17

## About

Varo Bank, N.A. is a US-based digital bank that offers a variety of financial services aimed at enhancing consumer banking experiences, focusing on accessibility, affordability, and transparency in personal finance management. Founded in 2015 and headquartered in California, US, Varo Bank, N.A. is a digital bank that provides innovative banking solutions. Colin Walsh serves as the CEO and has been instrumental in shaping the company's customer-centric approach. In February 2026, Varo Bank, N.A. raised USD 94.93 million in series G funding co-led by Coliseum Capital Management and Warburg Pincus, with participation from Northview LifeSciences. The funding was part of a larger USD 123.9 million series G round. Varo Bank, N.A. offers a range of financial products including a fee-free bank account, a high-yield savings account with an annual percentage yield (APY) of up to 5.00% on balances up to USD 5,000, and the Varo Believe Card, which is a secured credit card designed to help users build their credit scores. Additionally, the Varo Advance program allows customers to borrow up to USD 500 with flat fees based on the loan amount. These products are accessible through a mobile app that facilitates effective financial management for consumers across the United States. Varo Bank generates revenue through various transactional fees, particularly from cash advances and out-of-network ATM withdrawals. The Varo Advance service incurs flat fees that depend on the loan amount, creating a clear revenue structure. Revenues are also derived from cashback programs associated with debit and credit card transactions, enabling a direct-to-consumer interaction model without traditional banking fees. The company plans to use the funding from February 2026 to expand its chartered banking and lending operations and support business growth.

## Funding rounds

- Series G, Feb 2, 2026, $95M — Warburg Pincus, Coliseum Capital Management, Northview LifeSciences
- Series E, Jul 30, 2021, $510M — Berkshire Partners, HarbourVest Partners, TPG, Warburg Pincus, Marshall Wace, BlackRock, Lone Pine Capital, Eldridge Industries, Gallatin Point Capital, Declaration Partners, Reform Ventures, Stack Capital Group
- Series D, Jun 3, 2020, $203M — HarbourVest Partners, TPG, Warburg Pincus, Progressive, Gallatin Point Capital
- Series C, Dec 28, 2018, $65M — TPG, Warburg Pincus, Gaingels, Gopher Asset Management
- Series B, Jan 11, 2018, $38M — TPG, Warburg Pincus
- Series A, Apr 29, 2016, $12M — Warburg Pincus

## Investors

- Warburg Pincus (https://capitalatlas.ai/funds/warburg-pincus) — Series A, Series B, Series C, Series D, Series E, Series G
- TPG (https://capitalatlas.ai/funds/tpg) — Series B, Series C, Series D, Series E
- Gaingels (https://capitalatlas.ai/funds/gaingels) — Series C
- Gopher Asset Management (https://capitalatlas.ai/funds/gopher-asset-management) — Series C
- HarbourVest Partners (https://capitalatlas.ai/funds/harbourvest-partners) — Series D, Series E
- Progressive — Series D
- Gallatin Point Capital (https://capitalatlas.ai/funds/gallatin-point-capital) — Series D, Series E
- Berkshire Partners (https://capitalatlas.ai/funds/berkshire-partners) — Series E
- Marshall Wace (https://capitalatlas.ai/funds/marshall-wace) — Series E
- BlackRock (https://capitalatlas.ai/funds/blackrock) — Series E
- Lone Pine Capital — Series E
- Eldridge Industries (https://capitalatlas.ai/funds/eldridge-industries) — Series E
- Declaration Partners (https://capitalatlas.ai/funds/declaration-partners) — Series E
- Reform Ventures — Series E
- Stack Capital Group (https://capitalatlas.ai/funds/stack-capital-group) — Series E
- Coliseum Capital Management (https://capitalatlas.ai/funds/coliseum-capital-management) — Series G
- Northview LifeSciences (https://capitalatlas.ai/funds/northview-lifesciences) — Series G