Current triples valuation to $2.2 billion; Raises $220 million in Series D funding
April 27, 2021 - Current, a leading U.S. financial technology company serving Americans who are working to create a better future for themselves, announced today it has raised $220 million in Series D funding and tripled its valuation to $2.2 billion in just five months. New investor Andreessen Horowitz led the round for the financial platform, which has now raised over $400 million in total funding.
The fundraise follows a year of tremendous growth for Current, which has nearly three million members, a significant bump from the one million mark it reached just last summer, and it also expanded its creator partnerships. Current’s mobile banking products provide creators new platforms to engage their fans and the new capital will allow Current to grow the company and its member base as well as build integrated products with some of today’s most relevant creators.
“Getting ahead is more important than ever to this generation,” said Stuart Sopp, Current CEO and Founder. “Building products that solve your members’ financial needs now and have the potential to grow with them is as important as building a brand that is relatable. We’ve always been committed to providing products that make life better and with this new round of funding we’ll continue to innovate to find more ways to provide value, improve financial outcomes and accelerate the growth of our company and member base.”
Andreessen Horowitz led the round with substantial participation by returning investors Tiger Global Management, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital, Wellington Management and EXPA.
“This new generation of customers doesn’t want to bank in physical branches,” said David George, General Partner, Andreessen Horowitz. “We believe there will be a shift in the next 10 years to mobile and consumer-focused banking services powered by innovation in technology, and with Current’s exceptional growth over the past year, they’ve clearly demonstrated they’re at the forefront of this trend. Their product is among the best in the market, and they have proven an ability to reach customers who previously were unserved or underserved by traditional banks. We look forward to supporting Stuart and the team as they continue to build the most relevant banking products and brand for this next gen customer."
Banking services provided by Choice Financial Group, Member FDIC. The Current Visa Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
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