Participated · Series E · Sep 2021

Varo Bank operates a fully digital, nationally chartered banking platform that has focused on the needs of everyday Americans since launching its app in 2017. The company offers a suite of products such as high-yield savings accounts, cashback debit cards, the Varo Believe secured card, Varo Advance, and the Varo Line of Credit. Its proprietary machine-learning models supplement traditional credit data, broadening access to credit beyond conventional scoring methods. In 2025, these lending products generated $547 million in loan volume, underscoring strong demand for Varo’s credit offerings. Management reports simultaneous revenue growth and cost reductions in 2025, demonstrating improved operating efficiency. Varo’s technology-first approach is reinforced by the governance and risk discipline required of a nationally chartered bank, and the company has earned recognition on the Inc. 5000, CNBC World’s Top Fintech Companies, Forbes’ World’s Best Banks, and Fast Company’s Most Innovative Companies lists. Recent additions to the board, including former Morgan Stanley CMO Alice Milligan and former JPMorgan executive Kevin Watters, bring additional financial industry expertise to guide the next stage of growth.