Varo Money, Inc. announced that it will issue 43,700,000 series D-1 preferred shares at a price of $3.6621 per share and 3,400,000 series D-2 preferred shares at a price of $3.6621 per share for the gross proceeds $172,484,910 on December 18, 2019. The company will receive $150,000,000 securities pursuant to exemption provided under Regulation D. The preferred shares are convertible into common shares at their respective original issue price. The shares are non-redeemable. The transaction will be raised at post money valuation of $514,175,015.