Varo Money, a fintech that successfully applied for a bank charter, is looking to raise more capital.
Varo, which recently announced the planned departure of founding CEO Colin Walsh, disclosed in a Form D filed with the Securities and Exchange Commission that it is looking to raise $55 million.
The company, which filed the document on Feb. 14, has raised about $29 million, or roughly 53% of its goal.
Walsh is set to be replaced by Gavin Michael, a former CEO at Bakkt.
The $427 million-asset Varo Bank had $72 million of loans and $302 million of deposits on its balance sheet on Dec. 31.