FinTech Current Raises $20 Million In New Funding
Current, one of several new online only banks launched in recent years, announced it has completed new funding.
The startup closed on its Series B funding round, at $20 million in this round, bringing its total fundraising to $45 million. Wellington Management Company, along with Galaxy Digital EOS VC Fund, CMFG Ventures, Expa, QED Investors, Elizabeth Street Ventures and CUNA Mutual Group’s venture funding arm, joined in the funding.
Current offers banking and financial solutions to customers, Its checking account has been quite successful, with over 500,000 accounts opened this year. The company announced it has expanded its partnership with Visa.
Current launched its teen banking product in 2017, and leveraged the same core banking technology to launch Personal Checking accounts for all with benefits like faster direct deposits, gas hold crediting and merchant blocking without charging overdraft fees, minimum balance fees or other hidden fees.
“We believe everyone should have access to affordable financial services that improve the chances for a better life,” said Current founder and CEO Stuart Sopp, in a statement. “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.”
Sopp adds: “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.”
Current competes with other online banking startups such as Chime, Simple, GoodMoney and Dave.