Varo Bank
Varo Bank, N.A. runs a mobile-only bank. Its products include checking and high-yield savings, Varo Advance cash advances, a line of credit and the Believe credit card. It mainly serves individual consumers, including underbanked and hourly workers. It earns money from interchange, lending and related fees. It launched its app in 2017 and in 2020 became the first fintech to get an OCC national bank charter. Its last priced round, a $510M Series E in 2021, valued it at $2.5B. It raised a further $123.9M Series G in February 2026, led by Coliseum Capital and Warburg Pincus. In 2025 it named a Chief AI Officer. Public sources conflict on whether its headquarters is San Francisco or Salt Lake City.
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