Varo, Stripe said to be raising new funds at much lower valuations

With the market turning so dramatically in 2022, it’s no surprise that many startups are now believed to be raising down rounds.
This week alone, it was reported that Varo was raising a $50 million equity round led by Warburg Pincus at a “significantly” lower valuation. According to Fintech Business Weekly, the struggling neobank would be raising the funding at a pre-money valuation of $1.8 billion. That’s down from the $2.5 billion that Varo was valued at in September of 2021 when it raised a massive and “oversubscribed” $510 million Series E.
The startup last August celebrated the two-year a

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