Current has revealed an exceptional growth trajectory in 2024, including a remarkable revenue increase of over 90%.
Following this outstanding performance, the company has successfully secured $200m in new capital to accelerate growth and advance its journey towards profitability by 2025.
The latest funding round saw continued backing from longstanding investors such as Andreessen Horowitz, Wellington Management, and Avenir. Notably, this round also welcomed new participants, including General Catalyst and Cross River, broadening the base of strategic support for Current.
Current specialises in transforming financial access for everyday Americans, offering a suite of integrated financial solutions. These include faster paycheck access, savings pods, a secured charge card linked directly to members’ spending balances, and earned wage access. These services collectively address critical financial needs, providing essential flexibility for millions across the United States.
With the fresh infusion of capital, Current plans to enhance its product offerings and expand service capabilities. The funds are earmarked for intensifying user acquisition, increasing the limits of its earned wage access product, and fostering new product development to sustain rapid growth and profitability into 2025.
Cross River Bank provided warehouse funding to support Current’s Paycheck Advance and secured credit-building card offerings. These collaborations are set to fortify Current’s portfolio of accessible financial solutions.
Stuart Sopp, CEO and co-founder of Current, highlighted the impact of this financial milestone, stating, “Millions of Americans are struggling with affordable access to liquidity and credit. Our record, market-leading growth is a testament to Current’s unique ability to build solutions that work together synergistically to solve these needs and are available to everyone. This new capital provides us the most efficient way to scale these solutions, including providing even higher limits of our earned wage access product to more people and setting our company on the best path to long-term success, including reaching profitability in 2025.”
In a similar tone, Roy Mabrey from General Catalyst expressed his enthusiasm for the investment, “Current’s tremendous growth this year showcases the true product-market fit it has unlocked. We are excited to invest in the future of Current because of its demonstrated ability to scale with great unit economics and the key gap it is stepping up to fill in the market for millions of Americans who are struggling to make ends meet. We look forward to supporting Stuart and the team as they continue to grow and be at the forefront of product innovation.”
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