Current, a US-based online banking technology developer backed by insurer Cuna Mutual, has raised $220m in a series D round led by venture capital firm Andreessen Horowitz.
Sapphire Ventures, Avenir Growth Capital, Expa, Foundation Capital, Tiger Global Management, TQ Ventures and Wellington Management also took part in the round. The cash was secured at a $2.2bn valuation and the company said its overall funding now stands at more than $400m.
Founded in 2015, Current operates a retail bank aimed at young customers that offers free overdrafts and cashpoint withdrawals, point-based cashback rewards and petrol refund schemes across its home country. It has some 3 million customers and has strengthened its partnerships with content creators.
Stuart Sopp, Current’s founder and CEO, said: “We have always been committed to providing products that make life better and with this new round of funding, we will continue to innovate to find more ways to provide value, improve financial outcomes and accelerate the growth of our company and member base.”
Tiger Global Management had led a $131m series C round for the company in November 2020, investing alongside Avenir, Foundation Capital, Sapphire Ventures, Wellington Management Company and QED Investors at a $750m valuation.
CMFG Ventures, the corporate venturing arm of Cuna Mutual, had backed a $20m series B round for the company in late 2019 that was led by Wellington Management and which also featured Elizabeth Street Ventures, Expa, Galaxy Digital’s EOS VC Fund and QED Investors.
Fifth Third Capital, a subsidiary of financial services group Fifth Third Bancorp, injected $1m into Current in 2018 following $5m in funding from Cota Capital and QED in October 2017. It closed a $3.6m seed round seven months earlier that included Expa, Future Perfect Ventures and Human Ventures.
