Current, a NYC-based financial technology startup, raised $5m in Series A funding.
The round was led by QED Investors, with participation from Cota Capital. In conjunction with the funding, QED’s Founding Partner Frank Rotman will join Current’s Board of Directors.
The company intends to use the funds to continue to expand its business reach.
Founded in 2015 by CEO Stuart Sopp, Current is building a mobile, digital-first payments platform free of traditional banking constraints. The company has focused its efforts on families, and in particular, teens – mobile and digital natives with no preconceptions about traditional banking and payment methods.
The company brought its teen-oriented debit card and app — the Current Student Account — to market in May 2017.
Early development of Current was backed by Expa and Human Ventures.