Varo Bank has raised $63 million in a funding round led by NBA basketball star Russell Westbrook, who will also help the digital lender create a social impact programme.
Says NBA All-Star Westbrook: "The banking system has ignored or underserved a large portion of the American population - particularly communities of color. I’m passionate about making lasting social change and creating a stronger and more inclusive system.
"I am excited and ready to work with Varo to be a part of an economic revitalization for those who never had the access they deserved."
Last year Varo became the first US consumer fintech firm to be granted a national bank charter, enabling the digital challenger to offer a full suite of FDIC-insured services.
With the new funding in place, the firm says it will invest in its social impact mission and further develop a product roadmap including additional credit, savings, and transaction banking features.
Colin Walsh, CEO, Varo, says: "The Varo team is thrilled Russell is joining us on our trailblazing journey as the only all-digital, mission-driven national bank in the country. We both share a view that banking can be - and needs to be - a force for good. "