Venture capital firm Andreessen Horowitz led a $220m investment in Current which tripled its valuation giving it the unicorn status.
Tiger Global Management, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital, Wellington Management and Expa too joined the round.
The funding will be used to grow the company and its member base. It will also be used to expand its product portfolio, including cryptocurrencies, it said, which will involve a partnership and an educational component to help Current’s users better understand the crypto market.
In addition, Current will also boost hiring across all roles including marketing, product, engineering, finance, customer success, fraud and risk. The company which employs 100 people at the moment, plans to double or triple that number in the next 18 months.
Current’s valuation jumped from $750m since its last raise in November and after the latest round, its total funds raised comes to $400m.
Founded by Wall Street veteran Stuart Sopp in 2015, Current started out with a family-friendly debit card that parents can connect to their bank accounts and give to their kids.
It has since expanded to offer banking services including account opening, debit-card transactions and mobile banking, among others, building up a customer base of about three million with an average age of 27.
The company’s popularity soared last year during the pandemic as, unlike traditional banks, it processed stimulus payments quickly.
Commenting on the firm’s growth plans, Sopp said, “Getting ahead is more important than ever to this generation.
“Building products that solve your members’ financial needs now and have the potential to grow with them is as important as building a brand that is relatable. We’ve always been committed to providing products that make life better and with this new round of funding we’ll continue to innovate to find more ways to provide value, improve financial outcomes and accelerate the growth of our company and member base.”
Current has also partnered with creators, such as MrBeast aka Jimmy Donaldson who on his YouTube channel said that he will send $1 to every 100,000 people who sign up using his Creator code.
Detailing on the FinTech sector becoming increasingly cashless, Andreessen Horowitz general partner David George added, “This new generation of customers doesn’t want to bank in physical branches.
“We believe there will be a shift in the next ten years to mobile and consumer-focused banking services powered by innovation in technology, and with Current’s exceptional growth over the past year, they’ve clearly demonstrated they’re at the forefront of this trend. Their product is among the best in the market, and they have proven an ability to reach customers who previously were unserved or underserved by traditional banks.”
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