Another fintech falling under economic pressure. Varo laid off a number of employees today in an attempt to cut costs. Sept last year Varo raised over $500M with valuation of $2.5B. With huge payroll and marketing spend combined with low revenue $29M last quarter, this move seemed inevitable.
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Israeli precision-guided munition likely killed group of children playing foosball in Gaza, weapons experts say
But they have bank charter and it should help them with interest rate rising
How? Overall they don't have strong lending products and burning through cash quickly.