The company is now valued at approximately $2.5 billion after the round led by Lone Pine Capital. Unlike other digital banks, Varo does not rely on partnerships with FDIC-backed institutions as it has its own charter. Varo doubled its accounts to four million and saw its revenue triple since getting its charter 13 months ago.
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Varo Thriving on Back of Banking Charter, Series E Round
Varo Bank, which now has a national banking charter, raised $510 million in a Series E funding round. So reports CNBC.
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