Surge in essential workforce bolsters growth for the mobile bank; drives record new accounts and anticipates doubling total accounts by end of 2020
Current, a leading challenger bank serving Americans overlooked by traditional banks, announced it has surpassed one million members after record months of growth and has added new funding from Foundation Capital.
Current saw its highest months of growth in April and May, adding over 100,000 new members each month, as demand for mobile banking with faster access to funds increased during a time of both heightened importance and uncertainty for many workers now deemed essential.
“Our rapid growth is a testament to just how many Americans need a more innovative banking solution,” said Stuart Sopp, Current CEO and Founder. “Traditional banks cannot adequately serve most Americans due to their legacy infrastructure. They charge exorbitant fees just to cover their costs to bank the over 130 million people in this country who live paycheck to paycheck. We solved this through dramatically lowering the cost of maintaining accounts and a business model that is not dependent on our members maintaining large deposits.”
“Current has quickly proven to be a fit for the millions of Americans whose financial needs are not being met by traditional banks,” said Angus Davis, partner at Foundation Capital. “With a third of the U.S. population living paycheck to paycheck, Current has a large opportunity in front of it and I am excited to partner with Stuart and the team as they continue to improve financial outcomes for millions more.”
With the additional funding, Current is accelerating its growth and expanding on its mission to improve financial outcomes for all Americans, regardless of age or income level.
“We are lowering the barriers to financial inclusion and closing the gap to financial inequality,” Sopp said. “We feel we’re in the right place at the right time and anticipate reaching two million members by the end of 2020.”