NOVEMBER 24, 2020 - Current, a leading U.S. challenger bank serving Americans overlooked by traditional banks, today announced it has raised $131 million in Series C funding. New investor Tiger Global Management led the round for the mobile bank, which has now raised over $180 million in total funding and has a valuation of $750 million.
The new capital follows a year of exponential growth for Current, which has doubled its member base in less than six months to surpass two million members. Revenue has also increased over 500 percent 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,” said Stuart Sopp, CEO and Founder, Current. “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.”
Tiger Global Management led the round and was joined by new investors Sapphire Ventures and Avenir. Foundation Capital, Wellington Management Company and QED Investors returned to fund the company.
“Current’s meteoric growth shows the huge demand for digital banking built to serve the needs of the people, instead of the other way around. Old banks over-charge and under-serve. Current turns that broken model on its head to help the next generation of Americans get ahead with a digital app that puts the superpowers of a reimagined bank in your pocket.” said Angus Davis, partner, Foundation Capital. “It is a privilege to support Stuart, his team, and the community of Current members as together they transform retail banking for today’s generation.”
With the additional funding, Current plans to expand on its product offerings in order 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,” Sopp said. “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.”