Varo Bank raises another $63M
Varo Bank, which last year became the first U.S. neobank to be granted a national bank charter, announced it’s raised another $63 million in new funding, TechCrunch reports. The round was led by NBA star Russell Westbrook, who will also join the startup as an advisor focused on the direction of Varo Bank’s programs aimed at underserved communities, including communities of color.
Existing Varo Bank investors include Warburg Pincus, The Rise Fund, Gallatin Point Capital, HarbourVest Partners and funds managed by BlackRock. Varo Bank last year raised $241 million in Series D funding. With the additional funds, Varo Bank’s total raise to date is now $482.4 million.