Current has successfully raised $399.6 million over seven funding rounds, achieving a valuation of $2.2 billion. The financial technology company is backed by prominent investors including Andreessen Horowitz, Tiger Global Management, and TQ Ventures.
Keep reading to explore the intricacies of Current's fundraising journey and the investors backing this innovative platform.
What Is Current?
Current, founded in 2016 by Stuart Sopp, is a financial technology company based in New York City. The platform aims to improve financial outcomes for its members through innovative products and services.
With a team of 51-200 employees, Current offers features like faster direct deposits, fee-free overdrafts, and cryptocurrency trading. The company leverages advanced technology to help users navigate the complexities of modern finance.
Backed by top investors, Current continues to grow and expand its offerings, striving to create a better financial future for its users.
How Much Funding Has Current Raised?
- Seed Round
- Amount Raised: $3,600,000
- Date: March 2017
- Lead Investors: Human Ventures, Future\Perfect Ventures, Expa
- Motivation Behind the Round: To build a secure, transparent payment platform and develop a family-oriented money management solution.
- Series A (First Round)
- Amount Raised: $5,000,000
- Date: October 2017
- Lead Investors: QED Investors, Cota Capital
- Motivation Behind the Round: To invest in business growth, customer acquisition, and product development.
- Series A (Second Round)
- Amount Raised: $8,000,000
- Date: February 2019
- Motivation Behind the Round: To further expand product offerings and enhance user experience.
- Series B
- Amount Raised: $20,000,000
- Date: October 2019
- Lead Investors: Wellington Management Company, Galaxy Digital EOS VC Fund, CMFG Ventures
- Motivation Behind the Round: To grow the user base and develop new features like a cash-back system and Bitcoin investing.
- Series C
- Amount Raised: $131,000,000
- Date: November 2020
- Lead Investors: Tiger Global Management
- Valuation at Round: $750,000,000
- Motivation Behind the Round: To expand product offerings and improve financial outcomes for underserved Americans.
- Series D
- Amount Raised: $220,000,000
- Date: April 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: $2,200,000,000
- Motivation Behind the Round: To grow the company, expand its member base, and build integrated products with creators.
Total Amount Raised: $399,600,000. Current Valuation: $2.2 billion.
Key Investors
- Andreessen Horowitz
- Details: Andreessen Horowitz is a private venture capital firm that invests in both early-stage startups and established growth companies. Founded by Marc Andreessen and Ben Horowitz, the firm is known for its significant influence in the tech industry.
- Investment Focus Areas: Technology, software, internet companies.
- Notable Investments: Facebook, Airbnb, Slack.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on public and private companies in the global Internet, software, consumer, and financial technology industries. The firm is known for its aggressive investment strategy and substantial portfolio.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Stripe, ByteDance, JD.com.
- TQ Ventures
- Details: TQ Ventures is a venture capital firm that invests in early-stage companies. The firm is co-founded by Scooter Braun, Schuster Tanger, and Andrew Marks.
- Investment Focus Areas: Early-stage technology, consumer companies.
- Notable Investments: Not publicly specified.
- Sapphire Ventures
- Details: Sapphire Ventures is a venture capital firm that invests in growth-stage technology companies. The firm has a strong track record of helping companies scale and achieve significant growth.
- Investment Focus Areas: Growth-stage technology companies.
- Notable Investments: LinkedIn, Box, Square.
- QED Investors
- Details: QED Investors is a leading venture capital firm focused on investing in early-stage, disruptive financial services companies. The firm was founded by Nigel Morris, co-founder of Capital One.
- Investment Focus Areas: Disruptive financial services, fintech companies.
- Notable Investments: Credit Karma, SoFi, Avant.
What's Next for Current?
Current's future is brimming with opportunities, driven by the shift towards mobile and consumer-focused banking services. With nearly three million members and a valuation of $2.2 billion, the company is poised to expand its member base and build integrated products with creators. The demand for affordable, user-friendly financial solutions presents a significant growth avenue, especially as more Americans seek alternatives to traditional banking.
Future fundraising seems likely, given the company's rapid growth and recent successful funding rounds. Additional capital could fuel further innovation and expansion, helping Current stay ahead in a competitive market. However, challenges such as adapting to evolving technology, maintaining user trust, and navigating regulatory landscapes will require careful management to sustain momentum.
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