Neo-Bank Current Lands $20M In Funding, Surpasses Half-Million Accounts

Current announced that it has closed a $20 million Series B round, bringing its fundraising total to $45 million.

The round was led by first-time investor Wellington Management Company, as well as Galaxy Digital EOS VC Fund. CMFG Ventures, the venture capital arm of CUNA Mutual Group, also participated, along with previous investors QED Investors, Expa and Elizabeth Street Ventures.

The company also revealed that it now has over 500,000 accounts, and is also expanding its partnership with Visa to help drive Current’s expansion in the digital financial market.

“We believe everyone should have access to affordable financial services that improve the chances for a better life,” Stuart Sopp, Current founder and CEO, said in a press release. “We have made this a reality through rebuilding financial infrastructure with the Current Core. It allows us to build more products that offer new ways to interact with money. Our rapid growth to half a million accounts serves as a testament to the ways our products and cost savings are bringing better financial outcomes and we anticipate bringing those benefits to over 1,000,000 customers by mid-2020.”

Earlier this year, Current launched its personal checking account product that boasts benefits including faster direct deposits, gas hold crediting and merchant blocking without overdraft fees, minimum balance fees or hidden fees. In addition, its in-sourced Current Core technology offers stability, faster money and cost savings that are passed to customers through a mobile-only experience.

“In a competitive neo-bank market, Current stands out for its focus on delivering better outcomes for the modern family, by empowering them with the financial tools to meet their underserved needs. We are excited to support Stuart and his team as they enhance their product offering and accelerate into their next wave of expansion,” said Sam Englebardt, co-founder and co-head of principal investments at Galaxy Digital.

“We have deep experience from Wall Street, gaming, fashion and FinTech that has allowed us to approach banking in a new way to serve the majority of Americans,” Sopp added. “This funding will enable faster execution and growth of our company’s mission.”