Digital bank Varo raised $510 million at a $2.5 billion valuation
Varo founder and CEO Colin Walsh says his digital bank will be more profitable due to its banking charter.Six-year-old digital bank Varo is the latest startup to capitalize on the flood of venture capital into fintech. It has raised $510 million led by Lone Pine Capital, the Greenwich, Connecticut hedge fund founded by billionaire, bringing its total funding to $992 million to date. Other new investors in Varo include Declaration Partners, Eldridge, Marshall Wace and Berkshire Partners.
Walsh also believes the bank charter will help build customer trust. “Our goal is to be a single, trusted provider [of banking services] and have the legitimacy of being a full national bank,” he says.
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