The Bancorp Bank, the wholly-owned banking subsidiary of The Bancorp, Inc. announced its newly established banking services partnership with Current, a leading U.S. financial technology company serving Americans working to create a better future for themselves. The Bancorp offers tailor-made solutions to fit the unique needs of several top financial technology services providers throughout the country and this new partnership enables Current to further its mission to improve the financial lives of even more Americans.
“We look forward to working with The Bancorp as we continue to innovate and enable even more people to improve their financial outcomes.”
As a result of its relationship with The Bancorp, new Current members will receive an enhanced suite of services across its entire product line, including its basic, premium and teen accounts. The Bancorp will provide back-end banking services and card issuing sponsorship, enabling Current members to access their funds through both physical and virtual debit cards.
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The new partnership follows a year of tremendous growth for Current, which has nearly 3 million members, significantly up from the 1 million mark it reached in 2020. The fintech also tripled its valuation in less than six months, culminating in a $220 million Series D fundraise led by Andreessen Horowitz earlier this year. Current was also recently named to the Forbes Fintech 50 list for 2021.
“At Current, we’re committed to building inspirational and motivational products that solve real problems for our members and having the right banking partner is a critical part of that,” said Stuart Sopp, Current CEO and Founder. “We look forward to working with The Bancorp as we continue to innovate and enable even more people to improve their financial outcomes.”
“We are honored to have the opportunity to partner with Current and support them in the next evolution of their growth,” said Ryan Harris, EVP and Head of Fintech Solutions at The Bancorp. “This business collaboration showcases another opportunity for us to bring together technology and innovation from the industry’s leading fintech organizations with The Bancorp’s depth and experience in providing back-end banking services.”
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