Varo, a fintech company, has recently raised $29 million in funding, according to a recent SEC filing. This funding is part of a larger $55 million Series G round that the company is hoping to raise. Varo has raised over $1 billion in funding since its inception in 2015. In a surprise move, the company's founder and CEO, Colin Walsh, has stepped down and been replaced by Gavin Michael, former CEO of the publicly traded cryptocurrency exchange Bakkt. Michael brings experience from his previous roles at Citi and JPMorgan Chase, which the company believes will be beneficial for its next phase of growth. Walsh will remain on Varo's board and still maintains a significant stake in the company. Varo was one of the first all-digital nationally chartered US consumer banks, obtaining its national bank charter in 2020. Despite strong customer growth, the company reported a loss of nearly $65 million in a December 2024 call report and is still working towards profitability.