Current, a digital bank operator that counts mutual insurance firm Cuna Mutual as an investor, secured $131m on Tuesday in a series C round led by hedge fund manager Tiger Global Management.
Sapphire Ventures, Avenir, Foundation Capital, Wellington Management Company and QED Investors also contributed to the round, which valued the company at $750m.
Founded in 2015, Current operates a challenger bank that offers free overdrafts and the option for early direct deposits in addition to points for cash back and free access to automated tellers across the United States. The capital will fund the growth of its product range.
Stuart Sopp, Current’s founder and chief executive, said: “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.”
The company said it has now raised more than $180m altogether, $20m of which came in an October 2019 series B round that included Cuna Mutual’s venture capital arm, CMFG Ventures.
Wellington Management led the 2019 round, which also featured QED Investors, Galaxy Digital’s EOS VC Fund, Expa and Elizabeth Street Ventures.
Expa, Human Ventures and Future Perfect Ventures had provided $3.6m in a March 2017 seed round that preceded a $5m investment by QED Investors and Cota Capital the following October. Financial services firm Fifth Third Bancorp’s Fifth Third Capital vehicle added $1m four months later.
