Current, a US neobank, says it now has over 1.75 million users.
In a blog post, Current displays its competitive position in comparison to other aspiring digital banks and Current fares pretty well.
Using Apptopia information, Current shows its platform in second place in contrast to other options:
- Chime – 3.86 million
- Current – 1.35 million
- Varo – 977,694
- MoneyLion – 473,572
- Simple – 232,434
- N26 – 166,879
- Revolut – 96,738
- Monzo – 14,072
- Nubank – 3,9602
These numbers were from last month and probably approximations and not all digital banks are included in the list (where is Marcus?).
Current also commented on the presidential election results noting that a Biden administration probably means more stringent regulation for financial services firms but also the possibility for Fintechs to be a key player in financial inclusion. Current notes that around half of its users have never had a bank account. This highlights the power of Fintechs to provide financial services to underserved markets.
“… regardless of legislation or leadership in Washington DC, we remain committed to building products and finding more ways to get our members this money faster and help them spend it smarter to help improve their financial outcomes.”