Funding round
Varo Series D
Varo, which works in digital banking services in San Francisco, raised $241M in a Series D round announced on 3 Jun 2020, led by Gallatin Point Capital and TPG. 4 firms took part, 1 of them already investors. It is Varo's third venture round on record; the one before was a Series C in Jul 2019.
$241M
Amount raised
Not disclosed
Post-money valuation
4
Investors
2 leads
Valuation
What this round says about the price
Varo did not disclose a valuation in this round. It came 11 months after Varo's Series C. It is 22% of the $1.08B Varo has raised in the venture rounds on record. Varo raised again 8 months later: a Growth round of $63M in Feb 2021. Its next priced round, a Growth in Sep 2021, valued it at $2.50B.
Varo's funding rounds
Varo has 6 venture rounds on record. This one is highlighted.
- Series B 18 Jan 2018, led by TPG and Warburg Pincus $45M
- Series C 16 Jul 2019, led by Warburg Pincus, TPG and Gopher Asset Management $100M
- Series D this round 3 Jun 2020, led by Gallatin Point Capital and TPG $241M
- Growth 18 Feb 2021, led by Russell Westbrook Enterprises $63M
- Growth 9 Sep 2021, led by Lone Pine Capital $510M$2.50B post-money
- Series G 2 Feb 2026, led by Warburg Pincus and Coliseum Capital Management, LLC $124M
Investors
Who put money in
Gallatin Point Capital and TPG led the round with 2 other firms. TPG had backed Varo before.
Lead investors
- Gallatin Point Capital new investor
- TPG backs 114 venture-backed companies existing investor
Also in the round
- HarbourVest backs 37 venture-backed companies new investor
- Progressive Insurance new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time, other companies' Series D rounds in Banks & ATMs:
Sources
Where this comes from
Reported by 8 sources.
Questions
Frequently asked
How much did Varo raise in its Series D round?
Varo raised $241M in its Series D round, announced in Jun 2020.
Who led Varo's Series D round?
Gallatin Point Capital and TPG led it, with HarbourVest and Progressive Insurance.
What was Varo's valuation at the Series D round?
It was not disclosed.
Did Varo raise again after this round?
Yes: a Growth round in Feb 2021 of $63M.