Challenger bank Current raises $131 million

US challenger bank Current announced that it has raised $131 million in Series C funding; bringing its total funding to date to $182 million at a valuation of $750 million. 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.

Founded in 2015, the company offers a mobile app and Visa debit card and it has doubled its member base in less than six months to surpass two million members.

“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. 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.” – Current founder and CEO, Stuart Sopp.

“Current’s meteoric growth shows the huge demand for digital banking built to serve the needs of the people , instead of the other way around. Old banks over-charge and under-serve. Current turns that broken model on its head to help the next generation of Americans get ahead with a digital app that puts the superpowers of a reimagined bank in your pocket. It is a privilege to support Stuart, his team, and the community of Current members as together they transform retail banking for today’s generation.” – Foundation Capital partner, Angus Davis.