The additional financing brings Current to over USD 180 million in total funding to date and gives the company a valuation of USD 750 million. The round also brought in new investors Sapphire Ventures and Avenir. Existing investors returned for the Series C, as well, including Foundation Capital, Wellington Management Company and QED.
Current began as a teen debit card controlled by parents, but expanded to offer personal checking accounts in 2019, using the same underlying banking technology. The service today competes with a range of mobile banking apps, offering features like free overdrafts, no minimum balance requirements, fast direct deposits, instant spending notifications, banking insights, check deposits using your phone’s camera, and other now-standard baseline features for challenger banks.
In August 2020, Current debuted a points rewards program in an effort to better differentiate its service from the competition, which now includes Google Pay. The additional funds will be used to further develop and expand Current’s mobile banking offerings.
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