US-based challenger bank Current has raked in $131m in a Series C funding round to expand its product offerings for over two million members.

The funding round was led by a new investor named Tiger Global Management. Other new investors include Sapphire Ventures and Avenir.

Existing backers who also joined the round include Foundation Capital, Wellington Management Company and QED Investors.

The latest funding round brings the total amount raised by the mobile bank to date to $180m.

Moreover, this Series C brings the company’s valuation to $740m.

Current will use the fresh capital to expand its product offerings and cater to the needs of its target customers.

The latest investment comes a year after Current increased its member base by two-fold in less than six months, now surpassing two million members.

Additionally, Current’s revenue also surged over 500% year-on-year.

Current founder and CEO Stuart Sopp 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.

“Our growth this year highlights the need of so many Americans for faster access to money, the trust we have built with them and we look forward to accelerating into 2021.”

Recently, Indian fintech Cashfree secured $35m in its Series B funding round to scale its payments infrastructure and foray into new markets.

Spanish online lending platform Prestalo also recently bagged investment in an equity funding round to support its growth.