Child-focused personal finance platform Current has raised an additional investment to its Series A round from Fifth Third Bancorp, bringing the total funding to $10m.
The company previously secured $5m for its Series A last year, with QED Investors leading the investment, and Cota Capital also providing a commitment.
Founded in 2015, Current is a mobile application that is linked to a physical debit card, helping teens to become more financially responsible and educated. The API-based platform allows parents to transfer money to their children’s account, set up monthly allowances, implement spending controls, reward chores, and check-out spending.
Through the application the teenager is able to use the debit card to make purchases, put money into a savings wallet, or donate money to local and national charities. The platform also implements a string of security protocols to protect the user including payment and messaging encryption, fingerprint lock, instant card locking, instant payment notifications, and no overdrafts.
Current Founder and CEO Stuart Sopp said, “We believe the currency of the future will be digital and social, and Gen-Z is proving to be the most socially responsible and financially savvy generation of teenagers. It seems silly to ask them to follow the same, largely paper-based financial journey as their parents when they have immediate access to more tools and information they any generation before them,”
Fellow child-focused personal finance app Dojo Technology Corp closed an undisclosed funding round earlier in the month. Vested Ventures supplied the capital to support the brand’s presence in the US and Canada.
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