Digital bank Current raises USD 20 million in Series B

Friday 25 October 2019 10:59 CET | News

US-based digital bank Current has raised USD 20 million in a Series B funding round, according to a company release.

The funding was led by Wellington Management Company, Galaxy Digital EOS VC Fund, and CMFG Ventures. Current also said it was expanding its partnership with Visa as it tops more than half a million customers. In total, Current has now raised USD 45 million – a small amount in the digital banking realm as this sector of fintech is picking up steam.

Current noted that Wellington Management Company is a first-time investor along with Galaxy Digital EOS VC Fund. Galaxy Digital, the genesis of fame, focuses on backing digital asset and blockchain based firms so the investment in Current appears to be an interesting act of diversification. CMFG Ventures is the venture capital arm of CUNA Mutual Group, a mutual insurance company with 120 million members, joined the fundraise. In addition, QED Investors, plus Expa and Elizabeth Street Ventures have returned to fund the company.

Earlier in 2019, Current launched a personal checking account which is said to have fueled its growth. Unlike stodgy traditional banks, Current;s checking accounts provide faster direct deposits, gas hold crediting and merchant blocking without charging overdraft fees, no minimum balance fees or hidden fees.

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Keywords: Current, digital bank, online bank, US, United States, North America, funding round, CMFG Ventures, fame, Digital EOS VC Fund, banking
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech

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