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 customersA mobile-only checking account (App)
Regulators/ComplianceCurrent 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
ValuationCurrent has a post-money valuation of $75M as of Oct 24, 2019, according to PrivCo
PricingPersonal Accounts: $0 to $4.95/month / Teen Banking: $36/year per teen
The Base Currency$ (USD)
 
Product costBasic: $0/mo; Premium: $4.99/mo
Money transfers/paymentsForeign transaction fee: 3%
ATM withdrawals$0, 55,000 Fee-Free ATMs, Anywhere Visa is accepted; Out-of-network ATM fee: $2.50
OverdraftsFree
Minimum USD deposit required to open (a) a personal account (b) a business account$0
(a) a personal accountYes

Key people

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
20200000 31200000

Financials

Customer/Products segments Banking, payments, savings, money management
Key product offeringA mobile-only checking account (App)
Banking licenseThe Current card is issued by Choice Financial Group (Member FDIC) pursuant to a license from Visa U.S.A. Inc.
Type of customersIndividuals
Number of investors 10
Number of lead investors2
Names of lead investorsWellington Management, QED Investors

Tech stack

The technologies that underpin a platform (FX, identity, infrastructure, security, payments gateways, business systems, APIs, etc.) Current Core
Devices supportediOS, Android
LanguagesEnglish

Competitors

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