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Challenger bank Varo, soon to become a real bank, raises $241M Series D

Mobile banking startup Varo Money has raised an additional $241 million in Series D funding, the company announced today. The investment was co-led by new investor Gallatin Point Capital and existing investor The Rise Fund, co-founded by TPG. Also participating in the round were Bono (yes, that one), along with entrepreneur, impact investor, and movie producer Jeff Skoll; plus HarbourVest Partners, and Progressive Insurance.
To date, Varo has raised $419.4 million in funding.
Launched in July 2017, Varo is now one of several digital banking apps that are taking on traditional banks. Its rivals include startups like Chime, Current, Space, Cleo, N26, Empower Finance, Level, Step, Moven, and many more.
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