Varo, a digital banking startup, raised US$29 million in its series G funding round, aiming for US$55 million, according to a Securities and Exchange Commission (SEC) filing.

Since its founding in 2015, the fintech has raised over US$1 billion in total.

The company did not comment on the recent fundraising.

The funding follows leadership changes, with CEO Colin Walsh stepping down and Gavin Michael, former CEO of Bakkt, taking over in November 2024.

Varo, the first all-digital US consumer bank to secure a national charter in 2020, has struggled with profitability.

Despite customer growth, it reported a US$65 million loss as of December 2024.