After raising $1 billion, fintech Varo closes another $29 million, replaces founder CEO

Fintech Varo has been hoping to raise a $55 million Series G round but has, so far, closed on $29 million to date, according to a recent SEC filing. Varo declined to comment on this new round but the fintech has raised just over $1 billion in funding since its 2015 inception, according to PitchBook. It wouldn’t be the first time its fundraising didn’t go as hoped for. In 2023, Varo raised a $50 million equity round at a lower valuation ($1.85 billion post-money) than its massive and, it said, “oversubscribed” $510 million Series E in 2021. That 2021 round valued it at $2.5 billion post-money, according to PitchBook. In somewhat of a surprise move, CEO and founder Colin Walsh recently announced he was stepping down with Gavin Michael replacing him as chief executive (Michael’s LinkedIn profile shows he assumed a leadership role at Varo in November of 2024). When asked about speculation that Walsh was forced to resign, a company spokesperson denied that was the case, telling TechCrun ... Read full article.