New investor Lone Pine Capital led the latest round, along with additional new backers, including Declaration Partners, Eldridge, Marshall Wace, Berkshire Partners/Stockbridge and funds and accounts managed by BlackRock. They joined existing investors Warburg Pincus, The Rise Fund, Gallatin Point Capital, and HarbourVest Partners.
The financing comes nearly seven months after the fintech startup raised USD 63 million in a round led by NBA star Russell Westbrook, who also joined the startup as an advisor focused on the direction of Varo Bank’s programs aimed at underserved communities, including communities of colour.
Varo declined to reveal any hard revenue figures but did note that in the 13 months since obtaining its bank charter, the company has doubled its number of opened accounts to four million and tripled its revenue.
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