The company said it planned to use the new funds to expand its product portfolio, including cryptocurrencies. Current has no immediate plans of considering a stock market listing but will look to be ready to go public in the next few years, as representatives said.
Founded in 2015, Current is a digital bank that provides services such as account opening, debit-card transactions, and mobile banking. The startup has more than three million users, it said, compared with 1 million in June 2020. It surged in popularity in 2020 as it processed stimulus payments quickly.
Its latest funding round also included existing investors Tiger Global Management, Sapphire Ventures and TQ Ventures, and took the total amount raised by the company so far to USD 400 million. Current was valued at around USD 750 million in its last funding round in November 2020.
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