Current Raises $131M Series C, Surpasses 2 Million Users

Current, a U.S.-based financial services company experiencing rapid growth – having doubled its customer base in under six months – announced this morning that it secured $131 million in Series C funding. This funding round was spearheaded by Tiger Global Management, and elevates Current’s total funding to more than $180 million. As a result of this investment, the company is now valued at $750 million.

Sapphire Ventures and Avenir participated in the round as new investors. Current also welcomed contributions from its existing investor base, which includes Foundation Capital, Wellington Management Company, and QED.

Initially launched as a debit card for teenagers managed by their parents, Current broadened its services to include personal checking accounts last year, leveraging its existing banking infrastructure. Currently, the service operates within the competitive landscape of mobile banking applications, providing features such as fee-free overdraft protection, no minimum balance stipulations, accelerated direct deposits, real-time spending alerts, financial analysis tools, mobile check deposits, and other common functionalities found in modern challenger banks.

In August 2020, Current introduced a points-based rewards program to further distinguish itself within the market, a market that now includes Google Pay as of this month.

When Current completed its Series B funding round last autumn, it reported having over 500,000 active accounts. The company now reports a membership exceeding 2 million. The company also noted a 500% increase in revenue compared to the previous year.

“There is a clear and growing demand for accessible and affordable banking solutions, and Current is exceptionally well-positioned to deliver a leading mobile experience,” stated Stuart Sopp, founder and CEO of Current, in a press release regarding the funding. “Our focus remains on creating products designed to enhance the financial well-being of the many diligent Americans who manage their finances on a paycheck-to-paycheck basis, and who are underserved by conventional banking institutions. This new funding will enable us to further our mission, accelerate growth, and drive innovation to provide members with quicker access to their funds, smarter spending tools, and contribute to reducing financial disparities,” he continued.

The company intends to utilize these additional resources to continue the development and expansion of its mobile banking services.