Current
Description
Current's CEO Stuart Sopp founded Current with the belief that banking should be accessible and affordable for everyone. Current brings premium financial services to everyone with a variety of modern lifestyles to help improve their financial outcomes.
Overview
| Type: | Private |
| Funding Status: | Series B |
| Foundation year: | 2015 |
| Location: | New York, New York, United States |
| Number of employees: | 51-100 |
| Founders: | Stuart Sopp |
| Website: | https://current.com/ |
Target geographic market:
U.S.
About Product/Service
| Products | Mobile banking, Payments, Savings, Teen Banking, Money management |
|---|---|
| Core product offerings for individual/retail customers | A mobile-only checking account (App) |
| Regulators/Compliance | Current is a member of the US’s FDIC through Current’s issuing bank, Choice Financial Group, meaning they have the standard insurance coverage limit of $250,000 per depositor |
| Valuation | Current has a post-money valuation of $75M as of Oct 24, 2019, according to PrivCo |
| Pricing | Personal Accounts: $0 to $4.95/month / Teen Banking: $36/year per teen |
| The Base Currency | $ (USD) |
| Product cost | Basic: $0/mo; Premium: $4.99/mo |
|---|---|
| Money transfers/payments | Foreign transaction fee: 3% |
| ATM withdrawals | $0, 55,000 Fee-Free ATMs, Anywhere Visa is accepted; Out-of-network ATM fee: $2.50 |
| Overdrafts | Free |
| Minimum USD deposit required to open (a) a personal account (b) a business account | $0 |
| (a) a personal account | Yes |
Funding rounds
| Last Funding Date | Oct 24, 2019 |
|---|---|
| Last Funding Amount | $31.2M |
| Last Funding Type | Series B |
| Total Funding Amount | $51.4M |
| Number of Funding Rounds | 2 |
Financials
| Customer/Products segments | Banking, payments, savings, money management |
|---|---|
| Key product offering | A mobile-only checking account (App) |
| Banking license | The Current card is issued by Choice Financial Group (Member FDIC) pursuant to a license from Visa U.S.A. Inc. |
| Type of customers | Individuals |
| Number of investors | 10 |
| Number of lead investors | 2 |
| Names of lead investors | Wellington Management, QED Investors |
Tech stack
| The technologies that underpin a platform (FX, identity, infrastructure, security, payments gateways, business systems, APIs, etc.) | Current Core |
|---|---|
| Devices supported | iOS, Android |
| Languages | English |
Competitors
| Founding Date | Type | Tags | |
x MYbank MYbank, a leading online private commercial bank... | 2015 | Private | fintech, challenger banks |
x Fourthline We are a risk management and regulatory... | 2017 | Private | |
x Cashplus Cashplus is a leading digital challenger to UK... | 2005 | Private | Challenger banks, fintech |
x Air bank Air Bank is a modern and innovative 21st century... | 2019 | Challenger banks, fintech | |
x Delo Bank Online bank for small enterprises | 2018 | Challenger banks, fintech |
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