Total amount raised
$2.2 Billions
Latest funding date
March, 2021
Location
Current has successfully raised $200 million in its latest funding round, backed by prominent investors such as Andreessen Horowitz and Wellington Management. The fintech platform continues to attract significant investment, reflecting its potential to transform financial access for everyday Americans.
Keep reading to explore the intricacies of Current's fundraising journey and the investors backing this innovative platform.
What Is Current?
Current, founded by Stuart Sopp in June 2015, is a leading consumer fintech banking platform based in New York, New York. The company focuses on building integrated solutions to solve financial needs, making it easier for Americans to achieve their financial goals.
With a team of 101-250 employees, Current offers a range of services including faster direct deposits, credit building, fee-free overdrafts, and cryptocurrency trading. The platform aims to transform financial access for everyday Americans.
Current's innovative approach and comprehensive services have positioned it as a key player in the fintech industry, continually attracting significant investment and expanding its user base.
How Much Funding Has Current Raised?
- Series A
- Amount Raised: $20.2M
- Date: October 2017
- Lead Investors: QED Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's initial product offerings and scale operations.
- Series B
- Amount Raised: $31.2M
- Date: October 2019
- Lead Investors: Wellington Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product development and increase market penetration.
- Series B
- Amount Raised: Not publicly disclosed
- Date: June 2020
- Lead Investors: Foundation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and operational scaling.
- Series C
- Amount Raised: $131M
- Date: November 2020
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product innovation and expand user base.
- Series D
- Amount Raised: $220M
- Date: April 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale the platform and enhance financial services.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: December 2024
- Lead Investors: Cross River Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's credit-building and paycheck advance products.
- Venture Round
- Amount Raised: $200M
- Date: December 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fast-track profitability and scale financial solutions.
Total Amount Raised: $602.4M
Current Valuation: Not publicly disclosed
Key Investors
- Andreessen Horowitz
- Details: Andreessen Horowitz is a prominent venture capital firm based in Silicon Valley. Known for its investments in high-growth technology companies, it has a significant influence in the tech industry.
- Investment Focus Areas: Technology, Fintech, Consumer Internet
- Notable Investments: Facebook, Airbnb, Lyft
- 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. It has a reputation for backing market leaders.
- Investment Focus Areas: Internet, Software, Consumer
- Notable Investments: Spotify, Stripe, ByteDance
- Wellington Management
- Details: Wellington Management is a global investment management firm that provides investment solutions across various asset classes. It manages over $1 trillion in client assets.
- Investment Focus Areas: Public and Private Markets, Technology, Healthcare
- Notable Investments: Alibaba, Uber, Airbnb
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in early-stage and growth-stage companies. It aims to support founders with a long-term vision.
- Investment Focus Areas: Technology, Healthcare, Consumer
- Notable Investments: Stripe, Airbnb, Snap
- Cross River
- Details: Cross River is a financial services organization that provides banking services and technology solutions. It is known for its innovative approach to fintech.
- Investment Focus Areas: Fintech, Banking, Financial Services
- Notable Investments: Affirm, Coinbase, Stripe
What's Next for Current?
Current's future looks promising as it aims to expand its banking services to Americans living paycheck to paycheck. With a 90% increase in revenue and $200 million in fresh capital, the company is well-positioned to scale its solutions and introduce new financial products. The focus on affordable access to liquidity and credit aligns with industry trends, providing a significant growth opportunity.
As Current accelerates its growth, future fundraising may be necessary to support its ambitious goal of achieving profitability by 2025. However, the company faces challenges such as competition from other fintech firms and regulatory hurdles. Ensuring the scalability and reliability of its technology platform will be crucial as it continues to grow.
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