Varo Bank raised $63 million from NBA all star player Russell Westbrook’s organization, Russell Westbrook Enterprises. Westbrook will join Varo Bank as investor/adviser to co-create a new impact platform aimed at underserved communities.
“This is a strategic financing round independent of a formal series round,” Alex Woie, head of strategic communications at Varo told The Buttonwood Tree.
The San Francisco based-bank raised $241 million in a Series D round last year in June. The digital bank has raised $482.4 million since its inception in 2015, Woie said.
The new funding will be used to “a community impact program that focuses on building financial literacy in underserved communities,” Woie said. “Russell is an ideal partner to help champion Varo’s mission to eradica...