NEW YORK, Nov. 24, 2020 /PRNewswire/ -- Current, a leading U.S. challenger bank serving Americans overlooked by traditional banks, today announced it has raised $131 million in Series C funding. New investor Tiger Global Management led the round for the mobile bank, which has now raised over $180 million in total funding and has a valuation of $750 million.
The new capital follows a year of exponential growth for Current, which has doubled its member base in less than six months to surpass two million members. Revenue has also increased over 500 percent year over year to firmly establish the challenger bank as an industry leader in the U.S.
"We have seen a demonstrated need for access to affordable banking with a best-in-class mobile solution that Current is uniquely suited to provide," said Stuart Sopp, CEO and Founder, Current. "We are committed to building products specifically to improve the financial outcomes of the millions of hard-working Americans who live paycheck to paycheck, and whose needs are not being properly served by traditional banks. With this new round of funding we will continue to expand on our mission, growth and innovation to find more ways to get members their money faster, help them spend it smarter and help close the financial inequality gap."
Tiger Global Management led the round and was joined by new investors Sapphire Ventures and Avenir. Foundation Capital, Wellington Management Company and QED Investors returned to fund the company.
With the additional funding, Current plans to expand on its product offerings in order to continue to meet the financial needs of its core demographic and improve even more financial lives.
"We're proud of our ability to deliver on our promises to our members, especially at times many needed it most this year," Sopp said. "Our growth this year highlights the need of so many Americans for faster access to money, the trust we've built with them and we look forward to accelerating into 2021."
We are a leading U.S. challenger bank serving the needs of Americans who have been overlooked by traditional banks. We have a mission to improve financial outcomes and a commitment to providing our members faster and better access to their money with early direct deposits, free overdraft, points for cash back and access to free ATMs nationwide. Our proprietary Current Core technology allows us to provide banking services without overdraft fees, minimum balance requirements, or hidden fees. To learn more about us, visit http://www.current.com or download our app on the App Store or Google Play.
Current is backed by investments from Tiger Global Management, Sapphire Ventures, Avenir, Foundation Capital, Wellington Management Company, QED Investors, EXPA and Elizabeth Street Ventures.
Director of Communications, Current