Progressive Insurance has invested in Varo Money as the latter prepares to become the first digital bank to be awarded a national bank charter.
US-based mobile bank Varo Money completed a $241m series D round yesterday that included automotive insurance provider Progressive.
Investment firm Gallatin Point Capital co-led the round with private equity group TPG’s The Rise Fund, while private equity firm HarbourVest Partners also participated. JP Morgan was placement agent.
Varo operates a digital bank that offers bank and savings accounts with no overdraft, transfer or foreign transaction fees, through a partnership with financial services firm Bancorp.
The company has applied for a…
