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Exclusive: After raising $1 billion, fintech Varo closes another $29 million, replaces founder CEO

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CEO and founder Colin Walsh recently announced he was stepping down with Gavin Michael replacing him as chief executive.

Varo raised a $50 million equity round at a lower valuation ( $1.85 billion post-money) than its massive and, it said, “oversubscribed” $510 million Series E in 2021 .

A spokesperson denied speculation that Walsh was forced to resign.