Challenger bank Current becomes first FinTech to receive government stimulus payments
By Pavithra R
New York-based leading challenger bank Current aimed to serve Americans overlooked by traditional banks has announced it was the first fintech in the country to receive the second round of government stimulus payments.
The firm received the payments before 9 p.m. ET on Tuesday, less than 3 hours after the U.S. Treasury announced the funds were being issued. The FinTech is making all funds immediately and fully available to members, as part of its mission to improve financial outcomes.
“We’re proud to once again be the first fintech in the country to credit the stimulus funds, especially at a time when many Americans are hurting for cash more than ever. We will be making all funds fully available to all members immediately. Nearly two-thirds of the stimulus funds were spent within five days in April, mostly on life’s essentials, and we expect our members to spend the money in a similar way,” said Stuart Sopp, Current CEO and Founder.
The firm wrote in its blog “When the first round of stimulus payments was issued in April with the passage of the CARES Act, Current was the first fintech in the country to credit the payments, which was five days faster than traditional banks, and also credited all member accounts immediately. Most of the money was spent on life essentials such as food/groceries, gas and paying back friends and family”.
Founded in 2015, Current focus on creating better financial outcomes for people and their unique lives. Its custom-built banking technology platform Current Core makes this possible by providing greater stability, faster money and cost efficiencies that are passed on to its community of members. The firm is backed by investments from Tiger Global Management, Sapphire Ventures, Avenir, Foundation Capital, Wellington Management Company, QED Investors, EXPA and Elizabeth Street Ventures.
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