Banking Fintech Fintech Funding News

Current Announces $131 Million in Series C funding; Surpasses 2 Million Members

Current Announces $131 Million in Series C funding; Surpasses 2 Million Members

New investor Tiger Global Management leads round after record year of growth and revenue for mobile bank

Current, a leading U.S. challenger bank serving Americans overlooked by traditional banks, announced it has raised $131 million in Series C funding. New investor Tiger Global Management led the round for the mobile bank, which has now raised over $180 million in total funding and has a valuation of $750 million.

Read More: SAP Extends Its Lead in the Dow Jones Sustainability Indices

The new capital follows a year of exponential growth for Current, which has doubled its member base in less than six months to surpass two million members. Revenue has also increased over 500 percent year over year to firmly establish the challenger bank as an industry leader in the U.S.

“We have seen a demonstrated need for access to affordable banking with a best-in-class mobile solution that Current is uniquely suited to provide,” said Stuart Sopp, CEO and Founder, Current. “We are committed to building products specifically to improve the financial outcomes of the millions of hard-working Americans who live paycheck to paycheck, and whose needs are not being properly served by traditional banks. With this new round of funding we will continue to expand on our mission, growth and innovation to find more ways to get members their money faster, help them spend it smarter and help close the financial inequality gap.”

Read More: New Union Bank Survey Finds U.S. Consumers Willing To Spend More To Support Small Businesses This Holiday Season

Tiger Global Management led the round and was joined by new investors Sapphire Ventures and Avenir. Foundation Capital, Wellington Management Company and QED Investors returned to fund the company.

With the additional funding, Current plans to expand on its product offerings in order to continue to meet the financial needs of its core demographic and improve even more financial lives.

“We’re proud of our ability to deliver on our promises to our members, especially at times many needed it most this year,” Sopp said. “Our growth this year highlights the need of so many Americans for faster access to money, the trust we’ve built with them and we look forward to accelerating into 2021.”

Read More: Reggora Welcomes Paul Deeley And Emma Brudner To Scale Financial And People Operations

Related posts

OMNICOMMANDER Expands Translation Services and Launches French Version of Community Credit Union Website

Fintech News Desk

Experian’s 2024 Global Identity & Fraud Report Spotlights Huge Growth in Highly Personalized GenAI-Driven Fraud Attacks

Business Wire

Arf And Knox Wire Announce Cross-border Partnership

Fintech News Desk
1