Challenger bank Current claims to be the first FinTech company to receive a second stimulus payment from the US government.
The FinTech is making all funds fully available to all members immediately, as part of its mission to improve financial outcomes.
Current received the first round of stimulus payments when they first issued in April under the CARES Act. Most of the funds were used on life essentials such as food/groceries, gas and paying back friends and family.
Current CEO and founder Stuart Sopp said, “We’re proud to once again be the first fintech in the country to credit the stimulus funds, especially at a time when many Americans are hurting for cash more than ever.
“We will be making all funds fully available to all members immediately. Nearly two thirds of the stimulus funds were spent within five days in April, mostly on life’s essentials, and we expect our members to spend the money in a similar way.”
US-based challenger Current closed a $131m Series C round late last year, from investors including Sapphire Ventures, Foundation Capital, Wellington Management and others. The capital raise put the FinTech’s valuation at $750m.
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