US-based digital bank operator Current has secured $20m in a series B round featuring CMFG Ventures, mutual insurance firm Cuna Mutual’s strategic investment subsidiary.
The round was led by investment manager Wellington Management Company and included investment firm Galaxy Digital’s EOS VC Fund, QED Investors, Expa and Elizabeth Street Ventures.
Current operates a mobile banking app that works in tandem with a Visa debit card. It initially introduced a banking product tailored for teenagers in 2017 before adding personal checking accounts earlier this year.
The company now has in excess of 500,000 account holders and aims to double that by the middle of 2020. It has also extended the scope of its partnership with Visa to incorporate joint marketing activities.
Stuart Sopp, founder and CEO of Current, said: “We have deep experience from Wall Street, gaming, fashion and fintech that has allowed us to approach banking in a new way to serve the majority of Americans. This funding will enable faster execution and growth on our company’s mission.”
Current said the round boosted its overall funding to $45m since it was founded in 2015. It raised $3.6m in seed capital from Expa, Human Ventures and Future Perfect Ventures in March 2017 before adding $5m from QED Investors and Cota Capital seven months later.
Fifth Third Capital, an equity investment vehicle for financial services firm Fifth Third Bancorp, subsequently invested $1m in the company in February 2018.
Image courtesy of Current.
