Mobile banking company Varo Money has secured $ 45 m in series B funding , with investment from the hedge Fund , which is backed by private equity firm TPG . The founder of San Francisco - based Varo Money , ben Walsh , a financial services veteran , said the company aims to use technology to help clients improve their financial situation while lowering the cost of banking . The new funds will be used for recruitment , product development and to work towards becoming a national bank . The Rise Fund was founded by U2 singer banks , with the aim of achieving social impact as well as financial returns .
Mobile banking company Varo Money has secured $45m in series B funding, with investment from the Rise Fund, which is led by private equity firm TPG. The CEO of San Francisco-based Varo Money, Colin Walsh, a financial services veteran, said the company aims to use technology to help people improve their financial situation while lowering the cost of banking. The new funds will be used for recruitment, product development and to work towards becoming a national bank. The Rise Fund was founded by U2 singer Bono, with the aim of achieving social impact as well as financial returns.