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Celebration our 20th Year

FT Partners Advises Varo on its $510,000,000 E Round Financing Led by Lone Pine Capital

Overview of Transaction

  • On September 9, 2021, Varo announced that it had raised $510 million of capital in its E Round equity financing
  • The E Round investment was led by Lone Pine Capital with participation from existing investors and new investors including Declaration Partners, Eldridge, Marshall Wace, Berkshire Partners / Stockbridge, and funds and accounts managed by BlackRock
  • Headquartered in San Francisco, Varo is on a mission to make financial inclusion and opportunity a reality for all - by empowering people with the products and support they need to create healthy financial habits and be in control of their finances

Significance of Transaction

  • The investment will be used to further accelerate Varo’s rapid customer growth and support additional investment in product and technology innovation
  • In the last 13 months since obtaining its bank charter, Varo doubled its opened accounts to four million
  • In addition, the Company has experienced record revenue growth, unlocked new cost efficiencies, and expanded its suite of innovative financial products to include Varo Advance, a short-term line of credit, Varo Perks cashback rewards, and the forthcoming Varo Believe credit building credit card program

FT Partners' Role

  • FT Partners served as the exclusive financial and strategic advisor to Varo
  • This transaction highlights FT Partners’ deep domain expertise with neobanks, Banking Tech, and Consumer FinTech, as well as its successful track record generating highly favorable outcomes for high-growth FinTech companies