Current, the fintech platform that allows teens to connect their money with the people, brands and experiences they value, announced on Tuesday that Fifth Third Capital, a direct equity investment subsidiary of Fifth Third Bancorp (NASDAQ: FITB), has joined the recently announced Series A funding, led by QED Investors. Through an intuitive mobile application linked to a physical debit card, Current empowers teens with responsibility now to build a strong identity for a brighter future.
While sharing details about Current’s services, the company’s Founder and CEO, Stuart Sopp, stated:
“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. This strategic investment from Fifth Third validates our mission to give teenagers the freedom and flexibility to make the best financial decisions for them with the support of their friends and family.”
Current also noted that it is working with teenagers to re-envision banking because they are mobile-first, and have no preconceptions about traditional banking or digital currency. Speaking about Fifth Third’s participation in Current’s latest funding round, Vanessa Indriolo Vreeland, head of acquisitions and strategic investments for Fifth Third Capital, added:
“Current’s approach addresses an unmet need as the digitization of payments becomes increasingly popular with this young demographic. Fifth Third has a commitment to educating kids from an early age about how to manage their finances. Current helps guide parents as they teach their teens how to spend, save and give, all within a well-designed platform. It’s a natural fit for us to invest in this young and promising company.”