US-based digital banking app Current has raised $20 million in Series B funding after surpassing 500,000 users. The fundraising was led by first-time investor Wellington Management Company, with Galaxy Digital EOS VC Fund and CMFG Ventures also joining in.
The round was also supported by existing backers QED Investors, Expa and Elizabeth Street Ventures.
Current started life as a teen banking product but now describes itself as “the bank for modern life”. It was founded in June 2015 by chief executive Stuart Sopp, who spent most of his career as a foreign exchange trader at big banks and recognised an opportunity to revolutionise the banking industry through creating a company built specifically to help improve people’s financial outcomes.
“We believe everyone should have access to affordable financial services that improve the chances for a better life. We have made this a reality through rebuilding financial infrastructure with the Current Core. It allows us to build more products that offer new ways to interact with money.
“Our rapid growth to half a million accounts serves as a testament to the ways our products and cost savings are bringing better financial outcomes and we anticipate bringing those benefits to over 1,000,000 customers by mid-2020.”
Alongside the Series B investment, which brings Current’s total amount raised to $45 million, the company also announced it will be expanding its partnership with Visa to help drive expansion through “an increased ability to reach even more customers of varying demographics with joint marketing efforts”.