NEWS
IBS Journal February 2018
07
Mobile bank Varo Money scoops $45 million in Series B funding
M
obile banking startup Varo Money has raised $45 million in Series B funding in a round led by private equity firm Warburg Pincus.
The round means that Varo has brought in just over $78 million of funding in less than two years. The startup hopes to simplify the banking experience for customers by providing them with “a frictionless bank account that integrates banking, saving and lending products with tools to help customers smooth cash flow and build savings”.
The firm offers a Federal Deposit Insurance Corporation (FDIC)- backed bank account, supported by The Bancorp Bank. Varo has also applied for its own banking licence. If approved, Varo would become “the first national bank in the US designed for people who want to bank easily on their smartphones”.
“Millions of Americans are looking for an easier, more affordable way to manage their money and reach their financial goals,” said Colin Walsh, co-founder and CEO of Varo Money.
“As a company, we are extremely motivated by our mission of improving consumer financial health, which is why we are so honoured by this investment.”
Varo Money aims to make mobile banking easier and cheaper
David Coulter, special limited partner at Warburg Pincus, added: “Since our initial investment in 2016, Colin and his team have made significant progress in advancing Varo’s innovative platform and growing its user base.
“The company is well positioned to deliver a unique banking service to its customers, and we look forward to supporting its continued growth.”
Ledger raises $75 million in largest non-ICO crypto funding round
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ryptocurrency hardware firm Ledger has raised $75 million in series B funding, bringing its total funding to $82 million since the start of 2017.
Participants in the round, led by Draper Espirit, included FirstMark Capital, Cathay Innovation, Korelya Capital and existing investors CapHorn Invest.
The round, according to Ledger, was oversubscribed, and has become the largest Series B round for a cryptocurrency firm – excluding ICOs.
Ledger sold more than one million of its hardware wallets in 2017, up from 2016 when it sold 300,000. The firm has been struggling to keep up with demand following the cryptocurrency boom in 2017.
It will be using the funding from the round to increase its production and resolve back-end supply issues. It also plans to launch a new
product named Ledger Vault, a security solution for banks, family offices and hedge funds that want to invest in crypto.
Decentralised exchange startup Radar Relay announced this week that it was adding support for the Ledger hardware wallet, the first instance in which a decentralised exchange is allowing funds trading from one wallet to another.
Cryptocurrency such as Bitcoin enjoyed a surge in demand in 2017
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