Current, a NYC-based U.S. mobile banking company, raised $220m in Series D funding in a round valuing it to $2.2 billion.
New investor Andreessen Horowitz led the round bringing total funding raised to date to over $400m, with participation from returning investors Tiger Global Management, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital, Wellington Management and EXPA.
The company intends to use the funds to expand its business reach and development efforts.
Led by Stuart Sopp, CEO and Founder, Current is a financial technology company providing nearly three million members with mobile banking products. In early 2019, the company launched a free basic checking account as well as a premium checking account.
Premium Checking includes a Black Premium card and features:
• Faster direct deposits.
• Overdrive™, which gives qualified premium members up to $100 in free overdrafts with no fees.
• No overdraft or hidden fees.
• No minimum balance requirement and no minimum deposit required to open an account.
• The chance to earn points and get cash back.
• Instant gas hold refunds.
• 24/7 member support.
• Instant spending notifications.
• Savings pods.
• Free ATMs.
• Cash deposits.
• Mobile check deposit.
• Instant, free money transfers.
• Tools for money management.
All Current accounts are FDIC insured up to $250,000.