Current, a consumer fintech banking platform transforming financial access for everyday Americans, announced steady growth in 2024 including an “over 90 percent increase in revenue.”
Following this solid year, the company has secured $200 million in new capital to accelerate “growth and fast-track profitability in 2025.”
The funding round included support from existing investors Andreessen Horowitz, Wellington Management, and Avenir, with new participation from General Catalyst and Cross River.
General Catalyst’s investment from its Customer Value strategy will “drive strategic member acquisition and fuel efficient expansion toward profitability.”
Cross River Bank is now also deepening its collaboration with Current by extending warehouse funding to “bolster Current’s Paycheck Advance and secured credit-building card offerings.”
This capital will aim to strengthen Current’s ability to build accessible financial solutions that work together to solve the needs of its members, including “faster paycheck access, savings pods, a dynamic secured charge card connected to members’ spending balances, and earned wage access, which provides millions of Americans with critical financial flexibility when they need it most.”
Stuart Sopp, CEO and co-founder, Current said the new money will enable them to scale their solutions, including providing even higher limits of our earned wage access.
The additional capital will support product expansion at Current and the company projects continued growth “over the next year as it achieves profitability.”
CRB Securities served as exclusive strategic and financial advisor to Current on the capital raise.
As covered, Current is a consumer fintech banking platform transforming financial access for “everyday Americans.”
They’re focused on building integrated solutions to solve needs that stand between Americans and their financial goals, “making it easier for everyone to build the future they deserve.”
Current is reportedly backed by investments from the following: Andreessen Horowitz, Tiger Global Management, Avenir, Wellington Management, General Catalyst, Cross River, Foundation Capital and QED Investors.