How to invest in Varo stock pre-IPO in 2026
In the 2010s, a convergence of events like the aftermath of the global financial crisis and the rise of mobile technologies helped usher in a new wave of fintech companies.5 That included many neobanks trying to disrupt traditional banking, such as by offering low fees and a mobile-forward, online-only interface, often providing the technology while a chartered bank holds the underlying deposits.6
One of those challenger banks is Varo, founded in 2015.7 Varo has attracted a lot of attention, funding, and in 2020 it even became the first U.S. consumer fintech bank to receive a national banking charter.8
Coming out of the pandemic, as fintechs were booming, Varo hit a peak primary funding round valuation of $2.5 billion in 2021, with an eye on eventually going public.9 However, many fintechs have been struggling in recent years.10
That includes Varo, which hasn't been able to find a path to profitability. In fact, Varo has been rapidly losing money, with net losses of about $71 million through the first three quarters of 2025.11 That follows a 2024 loss of nearly $65 million.12
That said, Varo has been going through several changes to try to turn things around. Earlier in 2025, it changed CEOs, and it has also been focusing on AI to improve areas like underwriting and fraud detection to try to help the bank become profitable.13 So far, however, that has not seemed to materialize in terms of improved net income.
Still, some investors have expressed interest in Varo’s future prospects, but any potential exit – including going public – remains uncertain. For now, interested investors may be able to explore the possibility of purchasing Varo stock pre-IPO through a private marketplace like Forge (if sellers are available and subject to eligibility requirements). Retail investors may also be able to get indirect exposure through other assets, as we'll examine in this article.
Varo: Company background
Varo was founded in 2015 in San Francisco by Colin Walsh, whose earlier career included stops such as GE Capital, American Express, and Wells Fargo.14 Its app then launched in 2017.15
The bank was founded with the goal of increasing financial inclusion and economic opportunity for those who are more financially vulnerable and perhaps not as well served by traditional banks.16
Initially, Varo leveraged partners like The Bancorp Bank to offer banking services.17 In 2020, though, it received its own national charter, which enables Varo to expand its products in areas like lending without needing to rely on other partners.18
Varo stock and funding history
Details on Varo's stock history/funding history are currently limited, along with valuation data. However, the company has raised around $1.1 billion total over its history.19
As of 02/04/2026
In 2020, Varo raised $241 million for its Series D, which included investors such as Gallatin Point Capital, The Rise Fund, U2's Bono, and Progressive Insurance.20
Varo's peak primary funding round valuation came in September 2021, when it raised $510 million for a Series E that valued the bank at $2.5 billion. That valuation was about five times higher than its May 2020 valuation.21
In 2023, however, Varo had a down round, raising $50 million at a $1.85 billion valuation.22 The bank most recently raised $55 million in 2025.23 While the valuation is unknown at this time, the recent funding seems to have been more about receiving necessary operational cash.24
At this time, Varo's Forge Price is unknown. Check back here or create an account with Forge for more updates on Varo's stock/funding history, as well as more valuation information.
Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information and secondary market transactions on Forge.
How to buy Varo stock
While Varo has explored different strategic options, for now its stock is not for sale to the general public. However, accredited investors may be able to identify potential trading interest in Varo stock through Forge's next-generation marketplace for private market trades, subject to availability.
Forge's technology and relationships can help facilitate the trading of private company shares in companies like Varo, along with other private market fintech companies, when shares are available from willing buyers and sellers.
For indirect exposure, accredited investors could also explore other opportunities, such as looking at private market shares in other types of finance or fintech companies like:
- Cross River Bank: A Banking-as-a-Service (BaaS) provider, offering financial infrastructure technology to other fintech and finance companies
- Mercury: Primarily a business banking fintech and accounting platform
- Upgrade: Another fintech that's more similar to Varo, offering consumer products like personal loans, credit cards, and checking/savings accounts
Who can Invest in Varo pre-IPO?
Investment in a non-public company like Varo is typically limited to accredited investors, due to U.S. regulations that generally restrict the offer and sale of private company securities to such investors.
Some large accredited investors, such as VC funds and certain high-net-worth individuals, may be able to invest in Varo if selected to participate in primary funding rounds or strategic investment partnerships. Smaller accredited investors may find it more practical to buy Varo stock through a private stock marketplace like Forge, subject to the availability of shares.
Where to buy pre-IPO Varo stock
While pre-IPO Varo stock is not for sale to the general public, accredited investors may be able to identify potential trading interest in Varo shares through Forge's marketplace for private market trading, subject to availability.
Through Forge, you may be able to access a private market company's Forge Price, which provides real-time transparency by synthesizing data from various sources, including secondary market transactions, recent funding rounds and active bids and asks on Forge.
These contextual pricing insights are intended to provide private market investors with additional background when reviewing or negotiating an existing ask, or deciding whether they would like to create a new bid for Varo shares. That said, Varo's Forge Price is not available at this time, which may change in the future depending on a variety of market and data considerations.
Potential indirect exposure for Varo for non-accredited investors
While retail investors may be able to invest in Varo if it eventually goes public, for now, direct pre-IPO investment in Varo is generally limited to accredited investors. However, there are publicly available investment options that may provide exposure to broader trends in the fintech or broader financial services sectors, which could, in turn, impact companies like Varo.
The following are general categories of publicly traded companies that operate in areas related to Varo:
1. Publicly Traded Fintechs
There are several publicly traded fintech companies like Chime, Dave and SoFi that compete in a similar space with Varo. There are also some banks like Ally that somewhat straddle the line between fintech and traditional finance but compete with Varo regardless. However, performance may differ widely due to numerous factors like how these fintechs fare in competing for customers, expanding product lines, and optimizing capital.
2. Publicly Traded Legacy Banks
While Varo is a relatively new bank that has tried to differentiate from some legacy ones, being a chartered bank makes Varo a bit more similar to publicly traded legacy banks like Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo. However, these legacy banks are significantly larger and have much broader offerings across retail and business customers. Moreover, market-wide factors like economic growth and interest rates may affect legacy banks and challengers like Varo differently.
3. Broader Fintech/Financial Sector Funds
Similar to investing in some fintech or legacy bank companies directly, investors could also consider more diversified fintech or finance industry ETFs or mutual funds. These funds may hold a broader basket of companies that may share some similarities with Varo but also might cover areas that Varo does not touch, like investment banking, financial advisory services, or insurance. As such, performance may differ based on a variety of market-wide factors, depending on the specific funds you're considering.
How to analyze Varo stock
While private companies do not face the same disclosure requirements as public companies, being a chartered bank does mean that Varo has to disclose relatively detailed financial data.
Interested investors can analyze Varo's quarterly call reports on the Federal Financial Institutions Examination Council (FFIEC)'s website.25
For example, the call reports show that Varo's number of deposit accounts grew almost 18% to nearly 6.2 million from Q3 2024 to Q3 2025. However, the average balance fell around 55%, dropping from $57.52 to $25.78. Varo's net losses have also been increasing, hitting -$25.6 million in Q3 2025 vs. -$17.2 million in the prior year's quarter.26
So, investors might compare this data to other banks that release similar information. Not all private companies release this type of detail, but you may be able to still find partial data to create comparisons to other fintechs listed on Forge's private stock marketplace. Similarly, investors could compare Varo's data to what publicly traded fintechs disclose, which might provide some valuation signals.
Still, despite the detail of Varo's call reports, some data like Varo's stock valuation remains relatively opaque. And, ultimately, there can be more subjectivity involved in analyzing Varo stock, along with the valuations of other private market companies, compared with public market companies (while recognizing the limitations inherent in private market data).
Get started investing in Varo on Forge
To explore the opportunity to invest in Varo pre-IPO, if and when shares become available, start by creating a free Forge account. Forge operates a leading marketplace that seeks to connect accredited investors with shareholders of private company stock.
After verifying your accreditation, you may gain access to tools and insights intended to support your experience in the private market, including active private market opportunities and ways to seamlessly indicate your potential interest in Varo as our platform experience is designed for independent investors. If you're unfamiliar with the process, our buyer’s guide aims to offer a helpful starting point. And should you need additional support, Forge’s knowledgeable team is available to assist.
Sample of active market opportunities available on Forge marketplace as of 02/04/2026
FAQs about the Varo upcoming IPO
Where do I buy Varo stock?
For now, Varo remains a private company, so its stock is generally limited to accredited investors. If eligible, however, you may be able to buy and sell Varo stock through a private marketplace such as Forge.
Who can invest in Varo?
Typically, only accredited investors can invest in private market companies like Varo. This can include institutional investors such as VC firms that might participate in primary funding rounds, as well as high-net-worth individuals who may qualify to trade private market stocks in companies like Varo, subject to availability, through a secondary marketplace such as Forge. If the company eventually conducts an IPO, then the general public would be able to invest in Varo.
