Current, a fast-growing neo-bank, has raised $220 million at a valuation of $2.2 billion. Current notes that the company has tripled in value in the past 5 months. In total, Current has raised $400 million in venture funding.
The Series D funding round was led by new investor Andreessen Horowitz. Previous investors also participated in the round including Tiger Global Management, TQ Ventures (the fund managed by media executive Scooter Braun), Avenir, Sapphire Ventures, Foundation Capital, Wellington Management and EXPA.
Current reports that it has nearly three million members, a significant increase from the one million users it reported last summer.
Stuart Sopp, Current CEO and founder, said that getting ahead is more important to this generation, alluding to Current’s younger user base:
“Building products that solve your members’ financial needs now and have the potential to grow with them is as important as building a brand that is relatable. We’ve always been committed to providing products that make life better and with this new round of funding we’ll continue to innovate to find more ways to provide value, improve financial outcomes and accelerate the growth of our company and member base.”
David George, General Partner at Andreessen Horowitz, added that the youngs have no interest in physical bank branches:
“We believe there will be a shift in the next 10 years to mobile and consumer-focused banking services powered by innovation in technology, and with Current’s exceptional growth over the past year, they’ve clearly demonstrated they’re at the forefront of this trend. Their product is among the best in the market, and they have proven an ability to reach customers who previously were unserved or underserved by traditional banks. We look forward to supporting Stuart and the team as they continue to build the most relevant banking products and brand for this next gen customer.”
The additional funding will be used to grow the Fintechs member base as well as provide products that solve their members’ needs. This will include cryptocurrency services – a feature that is now expected to be part of a digital bank’s offerings.
