Progressive Insurance has invested in Varo Money as the latter prepares to become the first digital bank to be awarded a national bank charter.

US-based mobile bank Varo Money completed a $241m series D round yesterday that included automotive insurance provider Progressive. Investment firm Gallatin Point Capital co-led the round with private equity group TPG’s The Rise Fund, while private equity firm HarbourVest Partners also participated. JP Morgan was placement agent. Varo operates a digital bank that offers bank…

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