Varo Money, a San Francisco-based startup, raised more than$27 million in an investment round led by Warburg Pincus LLC, TheWall Street Journal reported May 1.
Varo Money is developing a mobile banking app offeringdeposit accounts related to budgeting tools and other digital financialservices. The company is seeking to partner with a bank to provideaccounts for which its software will provide access. Eventually, it plans toseek its own bank charter, according to the report.
Varo Money was co-founded by Colin Walsh in October 2015.Walsh has previously worked with American Express Co. and ,the Journal reported.
Varo Money is being advised by banking experts, includingDavid Coulter, a special limited partner at Warburg Pincus and formerBankAmerica Corp. CEO,who is a member of Varo Money's board, the news outlet noted.