back Back

Challenger bank Current raises $131mn in Series C funding at a valuation of $750mn

By Pavithra R

November 25, 2020

  • Current
  • USA
Share

Challenger bank Current raises $131mn in Series C funding at a valuation of $750mn
Stuart Sopp, CEO and Founder, Current

New York-based leading challenger bank Current aimed to serve Americans overlooked by traditional banks has announced it has raised $131 million in Series C funding round led by new investor Tiger Global Management.

The new finance has brought the company’s total funding raised till now to over $180 million and has a valuation of $750 million. The year turned out to bring exponential growth for Current, which has doubled its member base in less than six months to surpass 2 mn members. Revenue has also increased over 500% year over year to firmly establish the challenger bank as an industry leader in the U.S.

“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,” said Stuart Sopp, CEO and Founder, Current. 

The investment round also saw participation from new investors Sapphire Ventures and Avenir. Foundation Capital, Wellington Management Company and QED Investors returned to fund the company. The FinTech is planning to use the finance to expand its product offerings to continue to meet the financial needs of its core demographic and improve even more financial lives.

“We’re proud of our ability to deliver on our promises to our members, especially at times many needed it most this year. Our growth this year highlights the need of so many Americans for faster access to money, the trust we’ve built with them and we look forward to accelerating into 2021,” added Sopp.

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.

Previous Article

November 24, 2020

Top 4 exciting Malaysian FinTechs transforming financial services

Read More
Next Article

November 25, 2020

GBG hires former Experian Managing Director of South East Asia

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

Current

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 24, 2024

Capital on Tap partners with Plaid in the UK

Read More

May 24, 2024

Boodil launches innovative Travel Payments Platform

Read More

May 21, 2024

Cuckoo renews relationship with GoCardless for direct debits

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023