The Briefing: Snyk Gets $530M, Varo Money Closes On $510M, And More

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Snyk snags $530M at $8.5B valuation

Boston-based application security developer Snyk closed a $530 million Series F at a valuation of $8.5 billion—more than tripling its value since the beginning of 2021.

The round was co-led by Sands Capital Ventures and Tiger Global, with participation from new investors Baillie Gifford, Koch Industries, Lone Pine Capital, T. Rowe Price and Whale Rock Capital Management, and existing investors Accel, funds managed by BlackRock, Addition, Boldstart Ventures, Canaan Partners, Coatue, Salesforce Ventures1, Alkeon, Atlassian Ventures, Franklin Templeton, Geodesic Capital and Temasek.

The deal included both primary and secondary offerings with more than $300 million of new working capital.

Founded in 2015, the company has now raised a total of $775 million to date.

— Chris Metinko

Challenger bank Varo Money closes on $510M

San Francisco-based Varo Money has raised $510 million led by Lone Pine Capital valuing the company at $2.5 billion. Since receiving its bank charter over a year ago, Varo Money has doubled its opened accounts to 4 million as well as tripling its revenue according to the company. The 4-year-old company supports financial inclusion with products like no minimum balance or overdraft fees, cash advances and a credit card that helps customers repair their credit.

— Gené Teare


Scalapay raises $155M: Milan-based buy now, pay later provider Scalapay raised $155 million as part of a Series A round led by Tiger Global, with participation from Baleen Capital and Woodson Capital.

The company allows buyers of fashion, furniture and other consumables to pay for their purchases over three installments.

Founded in 2019, the company currently offers its services in Italy, France, Germany, Spain, Portugal, Finland, Belgium, Netherlands and Austria.

Nuula lands $120M for small biz fintech: Toronto-based Nuula, developer of an app delivering business metrics and financial products for small businesses, raised $120 million in a debt and equity round. The financing includes $20 million in equity funding led by Edison Partners and a $100 million credit facility provided by funds managed by the credit group of Ares Management.

— Joanna Glasner

Health tech

Flo raises $50M for women’s health app: London-based women’s health app Flo said this week that it has closed a $50 million Series B financing led by VNV Global and Target Global. Flo said it will use the new capital to hire more employees and for R&D into new product features. Its app focuses on women’s health and includes period, fertility and pregnancy tracking features. The company said its headcount has more than doubled in the last two years to 350 people and that it aims to have $100 million in ARR by the end of 2021.


Mastercard acquires CipherTrace: Mastercard has agreed to acquire Menlo Park, California-based cryptocurrency intelligence company CipherTrace. Founded in 2015, the crypto company has raised more than $45 million to date, according to Crunchbase.

— Chris Metinko

Illustration: Dom Guzman

  1. Salesforce Ventures is an investor in Crunchbase. It has no say in our editorial process. For more, head here.

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