TPG-backed The Rise Fund and Warburg Pincus led a $45m Series B funding round in Varo Money.

TPG-backed The Rise Fund, a global impact fund, and Warburg Pincus, a global private equity firm focused on growth investing, led a $45m Series B funding round in Varo Money, a digital bank that offers innovative, premium banking services. “We are pleased to continue supporting Varo and its mission to create a financial services firm for the future. 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,” David Coulter, Warburg Pincus Special Limited Partner.