When was Varo founded?

Varo was founded in 2015 and became a unicorn in 2021, reaching the milestone in 6 years. It raised its 1st funding round 1 year after its incorporation.

Where is Varo located?

Varo is headquartered in San Francisco, United States.

How many employees does Varo have?

As of May 31, 2026, the latest employee count at Varo is 430.

Is Varo a funded company?

Varo is a funded company, having raised a total of $1.12B across 8 funding rounds to date. The company's 1st funding round was a $27M Series A round, raised on May 02, 2016.

How much is Varo worth?

The latest valuation of Varo is $2.5B as of Sep 09, 2021.

When was the latest funding round of Varo?

Varo's latest funding was a $124M Series G round on Jan 31, 2025, with participation from 1 investor. Its primary sector is Banking Tech. In United States, the Banking Tech sector has seen $1.46B in funding in 2026 to date.

Is Varo a Banking Tech company?

The primary sector of Varo is Banking Tech.

Where does Varo rank among its competitors?

Varo ranks 3rd amongst 279 active competitors, of which 20 are funded. It stands 3rd in terms of total funding among its competitors. The most recent competitor to raise funding was Kredete, which secured $22M in Sep, 2025.

Who are the top competitors of Varo?

Varo's top competitors include Revolut, Monzo and Bunq. Among them, Kredete secured the most recent funding round in September, 2025.

Varo - 2026 Company Profile, Team, Funding & Competitors

Varo is a series G company based in San Francisco (United States), founded in 2015 by Assaf Guery, Mykola Klymenko and Roger Van Duine. It operates as a Digital bank for individuals. Varo has raised $1.12B in funding from investors like Warburg Pincus, The Rise Fund and Lone Pine Capital, with a current valuation of $2.5B. The company has 279 active competitors, including 20 funded and 11 that have exited. Its top competitors include companies like Revolut, Monzo and Bunq.

Sectors and market segments that Varo operate in

Varo serves in the FinTech market segments.The primary business model of Varo is:

FinTech > Banking Tech > ***** **** > ***** ******

Company Details

Digital bank for individuals. It offers services such as savings accounts, money transfers, cash withdrawals, NFC-enabled debit cards for online/offline purchases, tools for future savings, and more. The application is available on iOS and Android platforms.

Website: www.varomoney.com/
Social
Email ID: *****@varomoney.com

Key Metrics

Founded Year

2015

Location

San Francisco, United States

Stage

Series G

Total Funding

$1.12B in 8 rounds

Latest Funding Round

Series G, Jan 31, 2025, $124M

Post Money Valuation

$2.5B as on Sep 09, 2021

Investors

Warburg Pincus & 44 more

Ranked

3^rd among 279 active competitors

Employee Count

430 as on May 31, 2026

Similar Companies

N26 & 264 more

View Varo's full profile

Varo is associated with 1 legal entity given below:

Legal Entity Name	Date of Incorporation	Revenue	Latest Employee Count	Documents
Varo Money, Inc. CIN: 475457481 , United States, Active	Oct 21, 2015	-	392 (As on Dec 31, 2024)	-

Varo has raised a total funding of $1.12B over 8 rounds. Its first funding round was on May 02, 2016. Its latest funding round was a Series G round on Jan 31, 2025 for $124M. 1 investor participated in its latest round. Varo has 43 institutional investors and 2 angel investors.

Here is the list of recent funding rounds of Varo:

Filter this list

Date of Funding	Funding Amount	Round Name	Post-Money Valuation	Revenue Multiple	Lead Investors	Other Investors
Jan 31, 2025	$124M	Series G	-	-	Warburg Pincus	-
Sep 09, 2021	$510M	Series E	$2.5B	-	Lone Pine Capital	Eldridge Industries, Marshall Wace, Berkshire Partners, BlackRock, Declaration Partners, Stack Capital Group, CE Innovation Capital
Feb 18, 2021	$63M	Series D	-	-	Russell Westbrook Enterprises	-

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View details of Varo's funding rounds and investors

The founders of Varo are Assaf Guery, Mykola Klymenko and Roger Van Duine.

Here are the details of Varo's key team members:

Assaf Guery: Former Co-Founder of Varo and founder of 1 other company.
Mykola Klymenko: Former Co-Founder of Varo.
Roger Van Duine: Former Co-Founder of Varo.

Varo's Board of Directors

Varo's board has 17 active members. Maya Chorengel, Kevin Moss, Cary Davis, Todd Schell, Jose Porrata, Marina Gracias, Mariana Gracias, Caryl Athanasiu, Elizabeth Gilson, Donald Van de Mark, Thibault Fulconis, Lewis Sachs, Roy Swan, David Coulter, Amy Friend, Karen White and Colin Walsh are independent board members.

Here is the list of Varo's board of directors:

Name	Type	Representing	Status	Duration
Maya Chorengel	Independent board member	-	Current	7y 6m
Kevin Moss	Independent board member	-	Current	9y 8m
Cary Davis	Independent board member	-	Current	10y 1m
Todd Schell	Independent board member	-	Current	6y 6m
Jose Porrata	Independent board member	-	Current	1y 5m
Marina Gracias	Independent board member	-	Current	9y 8m
Mariana Gracias	Independent board member	-	Current	4y 9m
Caryl Athanasiu	Independent board member	-	Current	8y 5m
Elizabeth Gilson	Independent board member	-	Current	8y 5m
Donald Van de Mark	Independent board member	-	Current	10y 1m
Thibault Fulconis	Independent board member	-	Current	7y 6m
Lewis Sachs	Independent board member	-	Current	5y 4m
Roy Swan	Independent board member	-	Current	4y 9m
David Coulter	Independent board member	-	Current	10y 1m
Amy Friend	Independent board member	-	Current	6y 6m
Karen White	Independent board member	-	Current	8y 5m
Colin Walsh	Independent board member	-	Current	10y 1m

View details of Varo's Founder profiles and Board Members

Varo's employee count trend

Varo has 430 employees as of May 26. Here is Varo's employee count trend over the years:

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Top competitors of Varo include Revolut, Monzo and Bunq. Here is the list of Top 10 competitors of Varo, ranked by Tracxn score:

Rank	Company Details	Short Description	Total Funding	Investors	Tracxn Score
1st	Revolut 2015, London (United Kingdom), Series E	Provider of banking solutions for retail customers and businesses	$1.99B	Balderton Capital, TCV & 147 others	86/100
2nd	Monzo 2015, United Kingdom, Series I	Provider of digital banking services including savings accounts and loans	$1.81B	General Catalyst, Passion Capital & 65 others	84/100
3rd	Varo 2015, San Francisco (United States), Series G	Digital bank for individuals	$1.12B	InvestX, HarbourVest Partners & 43 others	74/100
4th	Bunq 2012, Amsterdam (Netherlands), Series A	Provider of the digital bank for individuals and businesses	$373M	Pollen Street Group, Sanisidro & 1 others	68/100
5th	Kredete 2023, New York City (United States), Series A	Provider of digital financial services including money transfer and credit building	$24.8M	RevTech Labs, Blockchain Founders Fund & 12 others	66/100
6th	Axos Bank 2000, San Diego (United States), Public	Commercial bank	-	-	65/100
7th	Banesco USA 2005, Miami (United States), Series A	Banesco USA: Personalized banking solutions empowering financial success and community growth	$11.9M	Treasury	62/100
8th	Comun 2021, New York City (United States), Series A	Provider of an online platform offering retail banking solutions	$26M	Costanoa, Redpoint Ventures & 7 others	62/100
9th	Forma 2017, Fremont (United States), Series B	Provider of platform for managing flexible employee benefits and spending accounts	$57.6M	Ribbit Capital, Advisors.Fund & 10 others	61/100
10th	First Internet Bank 1999, Indianapolis (United States), Public	Internet-first bank for the diversified category	$23.4M	-	61/100