Fintech Varo has been hoping to raise a $55 million Series G round but has, so far, closed on $29 million to date, according to a recent SEC filing. Varo declined to comment on this new round but the fintech has raised just over $1 billion in funding since its 2015 inception, according to PitchBook. […] © 2024 TechCrunch. All rights reserved. For personal use only.
Fintech company Varo has closed $29 million in a new funding round after previously raising over $1 billion since its inception in 2015. The company has also replaced its founder and CEO, Colin Walsh, with Gavin Michael, who has experience leading publicly-traded crypto platforms and major banks. Walsh will remain on Varo's board and retain a significant stake in the company. Varo, known as the first all-digital national bank in the U.S., has faced fundraising challenges, including a Series G round that fell short of its $55 million target.
