Consumer fintech Current raises $80 million

Current has raised $80 million in a Series E funding round that values the consumer fintech at $1.5 billion, bringing its total funding to $682.4 million.

The round was led by Springcoast Partners, adding to backing from investors including Andreessen Horowitz, Tiger Global, Foundation Capital, Wellington Management, Sapphire Ventures, and QED Investors.

Alongside the financing, Current expanded its partnership with Cross River to increase capacity for its liquidity and credit products and extended its multi-year commitment from General Catalyst’s Customer Value Fund. Springcoast Partners will also join Current’s board of directors.

Current reported more than 70% annual growth for three consecutive years and said it expects to reach profitability in 2026. The fintech plans to use the new capital to invest in product development, AI-powered financial services, and the expansion of its banking, payments, liquidity, and credit offerings.

“Over the last several years we’ve focused relentlessly on building products that solve real financial problems for everyday Americans. That focus has driven three consecutive years of more than 70% growth, strong unit economics, and a crossing over to profitability. This investment reflects confidence in the strength of our business, our progress toward public market readiness, and the value we’re creating for millions of members. We’re building a durable company designed to deliver long-term value for our members, employees, and shareholders.” – Stuart Sopp, CEO and co-founder of Current.

Bottom Line: General Catalyst’s insurance investment portfolio includes Ethos and Lemonade. Either could be a strong fit to layer in insurance protection.