Varo Money Inc. has raised $241 million in Series D funding co-led by Gallatin Point Capital and The Rise Fund, an existing investor that was co-founded by TPG, U2 frontman Bono and investor Jeff Skoll.

The funding will be used to grow the mobile banking fintech, which is the first all-digital bank in the U.S. to become a fully chartered national bank. The service will also help the company innovate across a range of products, according to a press release.

"Varo was founded first and foremost to make a powerful impact on systemic financial inequality in communities across this country," Colin Walsh, founder and CEO of Varo, said in the release. "As the first fully digital bank, Varo will bring our mission of financial inclusion to life and create more financially resilient — and thus healthier and stronger — communities."

Other investors participating in the round include Harbourvest Partners and Progressive Insurance. The bank has received a total of $419.4 million.