Current raises $20 million
Current, “the bank for modern life,” announced $20 million in a Series B round from Wellington Management, Galaxy Digital EOS VC Fund, CMFG Ventures, QED Investors, Expa and Elizabeth Street Ventures.
Founded in 2015, Current offers a mobile app and Visa debit card that offers both personal checking accounts and a teen banking product. Since launching, over 500k accounts were opened.
“We believe everyone should have access to affordable financial services that improve the chances for a better life. 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. 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. This funding will enable faster execution and growth on our company’s mission.” – Stuart Sopp, Current founder and CEO.
“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.” – Sam Englebardt, cofounder and Co-Head of Principal Investments at Galaxy Digital.