NBA superstar Russell Westbrook is proving he’s a superstar both on and off the court.
The Washington Wizards point guard has announced, via TechCrunch, that he’s led the latest $63 million funding round for Varo Bank, a neo-bank that is one of the first to be granted a national bank charter.
Westbrook will also join its advisory board with his investment in efforts to provide guidance when it comes to Varo Bank’s programs geared toward underserved communities.
Warburg Pincus, The Rise Fund, Gallatin Point Capital, HarbourVest Partners, and funds managed by BlackRock are the neo-bank’s existing partners, and they’ve also joined this latest funding round, as well. This latest funding round puts Varo Bank’s total funding at a whopping $482.4 million.
Varo Bank offers an easily accessible bank account with no monthly fees or minimum balance requirements, and a modern mobile app experience. It also includes high-interest savings and provides customers with access to a network of 55,000 fee-free Allpoint ATMs.
Russell Westbrook has frequently used the power of his celebrity to help people in need. Recently, he teamed up with Houston Mayor Sylvester Turner’s Office of Education and Comp-U-Dopt to donate 650 computers to children in Houston. The initiative was led by his Why Not? Foundation created with the mission of using education-focused programs to empower youth in underserved communities.