There are a number of startups looking to disrupt traditional banking. We’ve covered Chime, Zero and Jiko, just to name a few.
Another one of those is Varo Money and they’ve raised $45 million led by private equity giant, Warburg Pincus and The Rise Fund, a global impact fund that’s part of another private equity firm, TPG. (That’s the one U2’s Bono is involved with).
Investors believe there’s a huge market opportunity to disrupt big banks and build a more cost-effective and consumer-friendly platform that appeals to Millennials.
Young people “want something that is really simple and intuitive,” Varo Money CEO Colin Walsh told TechCrunch. “We think that this is the beginning of what could be a fairly disruptive change in a very established industry.”