Current, a NYC-based mobile bank, raised $20m in Series B funding.
The round, which brought total funding to $45m, was led by Wellington Management Company, with participation from Galaxy Digital EOS VC Fund, CMFG Ventures, the venture capital arm of CUNA Mutual Group, QED Investors, Expa and Elizabeth Street Ventures.
The company intends to use the funds to expand operations, its development efforts and its business reach.
Led by Stuart Sopp, Founder and CEO, and Trevor Marshall, Chief Technology Officer, Current provides a mobile banking app and Visa debit card.
The company launched its personal checking account product
After launching with a teen banking product in 2017, the company leveraged the same core banking technology to launch Personal Checking accounts in early 2019 with benefits like direct deposits, and crediting and merchant blocking with no charging overdraft fees, minimum balance fees or hidden fees.
Current has over 500,000 accounts and is expanding its partnership with Visa. Leveraging Visa’s global acceptance, brand and scale, this partnership will help drive expansion for Current in the digital financial market through an increased ability to reach more customers of varying demographics with joint marketing efforts.