US fintech Current bags $200m in fresh funding
New York-headquartered fintech Current has secured $200 million in a new funding round as the company looks to “accelerate growth and fast-track profitability in 2025”.
Current is aiming to achieve profitability in 2025
The round saw continued support from existing backers Avenir, Andreessen Horowitz, and Wellington Management, with additional participation from General Catalyst and Cross River Bank.
According to Current, General Catalyst’s investment will focus on “driving strategic member acquisition”, while New Jersey-based Cross River Bank will provide warehouse funding to support Current’s earned wage access (EWA) and credit-building card products.
Founded in 2015, Current offers a money app that enables uses to build credit through everyday card purchases. The company also offers savings accounts and financial tools including spending insights, savings calculators, faster paycheque access, and more. Its banking services are provided by Choice Financial Group and Cross River Bank.
The company’s latest round adds to a string of previous fundraises, including a $131 million Series C in 2020 and a $220 million Series D in 2021, which valued the company at $2.2 billion.
Stuart Sopp, CEO and co-founder of Current, states that the new capital provides the “most efficient way” for the company to scale its solutions and will set Current “on the best path to long-term success, including reaching profitability in 2025”.
