Current, one of the leading digital banks in the US, has raised $131 million in a Series C funding round led by Tiger Global Management joined by new investors Sapphire Ventures and Avenir. Foundation Capital, Wellington Management Company, and QED Investors returned to fund the company. The Fintech claims a valuation of around $750 million.
Concurrently, Current announced having topped 2 million users. It was only recently reported that Current had 1.75 million users. Current claims to be experiencing “exponential growth” having doubled its customers in just 6 months. Topline revenue is said to have risen by 500%.
“We have seen a demonstrated need for access to affordable banking with a best-in-class mobile solution that Current is uniquely suited to provide. We are committed to building products specifically to improve the financial outcomes of the millions of hard-working Americans who live paycheck to paycheck, and whose needs are not being properly served by traditional banks. With this new round of funding we will continue to expand on our mission, growth and innovation to find more ways to get members their money faster, help them spend it smarter and help close the financial inequality gap.”
Sopp added that their growth highlights that they are executing on their mission.
In the past, Current has indicated it does not intend on pursuing a federal bank charter but will continue to offer digital banking services in partnership with its partners like Choice Financial Group.