NEW YORK, Oct. 24, 2019 /PRNewswire/ -- Current, the bank for modern life, today announced $20 million in a Series B round, bringing its fundraising total to $45 million, and its rapid growth to over 500,000 accounts as its unique technology continues to power innovation in products and offer affordable financial solutions to all Americans. In addition to these milestones, Current is also expanding its partnership with Visa, the world's leader in digital payments.
Leveraging Visa's global acceptance, brand and scale, this exclusive partnership will help drive even greater expansion for Current in the digital financial market through an increased ability to reach even more customers of varying demographics with joint marketing efforts.
Wellington Management Company is a first-time investor, and also joining the round is Galaxy Digital EOS VC Fund. CMFG Ventures, the venture capital arm of CUNA Mutual Group, a mutual insurance company serving credit unions and their 120 million members, joined the fundraise. In addition, QED Investors, Expa and Elizabeth Street Ventures return to fund and support the company.
"We believe everyone should have access to affordable financial services that improve the chances for a better life," said Stuart Sopp, Current Founder and CEO. "We have made this a reality through rebuilding financial infrastructure with the Current Core. It allows us to build more products that offer new ways to interact with money. Our rapid growth to half a million accounts serves as a testament to the ways our products and cost savings are bringing better financial outcomes and we anticipate bringing those benefits to over 1,000,000 customers by mid-2020."
Current's launch of its personal checking account product in early 2019 has fueled the tremendous growth. Its in-sourced Current Core technology offers stability, faster money and cost savings that are passed to customers through a modern, mobile-only experience that is improving the financial outcomes of more people.
Sam Englebardt, Co-Founder and Co-Head of Principal Investments at Galaxy Digital, said "In a competitive neobank market, Current stands out for its focus on delivering better outcomes for the modern family, by empowering them with the financial tools to meet their underserved needs. We are excited to support Stuart and his team as they enhance their product offering and accelerate into their next wave of expansion."
After Current launched with an industry-changing teen banking product in 2017, it leveraged the same core banking technology to launch Personal Checking accounts with benefits like faster direct deposits, gas hold crediting and merchant blocking without charging overdraft fees, minimum balance fees or hidden fees.
"We have deep experience from Wall Street, gaming, fashion and fintech that has allowed us to approach banking in a new way to serve the majority of Americans," Sopp said. "This funding will enable faster execution and growth on our company's mission."
Current is the bank for modern life that connects members' money to friends, family and experiences that matter. Current is a mobile app and Visa debit card that offers both personal checking accounts and a teen banking product. Stuart Sopp founded Current in June 2015 after spending most of his career as a foreign exchange trader at big banks and recognized an opportunity to revolutionize the banking industry through creating a company built specifically to help improve people's financial outcomes. With initial investment backing from Expa and QED, Stuart began work with Trevor Marshall, Chief Technology Officer, on building its in-sourced Current Core banking technology, which offers stability, faster money and cost savings that are then passed on to customers. Current's network of investors now includes Wellington Management Company, Galaxy Digital EOS VC Fund, CMFG Ventures (the venture capital arm of CUNA Mutual Group), QED Investors, Expa and Elizabeth Street Ventures. Current is FDIC insured up to $250,000 with Choice Financial Group and Metropolitan Commercial Bank providing bank services. To learn more about Current visit http://www.current.com or download on the App Store or Google Play.
Director of Content, Current