US-based challenger bank Current has launched its platform application programming interface (API) to offer embedded banking services.
Concurrently, the fintech announced a partnership with Plaid, which will be the first data aggregator to work with the new platform.
The tie-up will enable Current’s customers to connect their accounts to more than 6,000 apps available on Plaid’s platform.
The apps offer a wide range of financial services such as digital payments, investment and financial planning tools.
Plaid will use APIs, phone numbers and device authentication to feed Current customers’ account data to fintechs.
Additionally, Current will use the new platform to enable other fintechs to offer embedded banking services.
Current chief technology officer Trevor Marshall said: “Our new platform API gives open banking partners the capability to embed our core banking technology. We are thrilled to be working with Plaid, the industry leader in open banking, as our first partner.
“We enabled this integration in response to feedback from our members. With Plaid, our members can access experiences that can help improve their financial lives with control and security.”
Plaid partnerships lead of universal access Raja Chakravorti said: “Millions of Current members will now have secure access to the more than 6,000 apps and services powered by the Plaid network through our open finance partnership.
“We are thrilled to enable a simple, secure on-ramp to digital financial services for Current members, who are often banking for the first time in their lives.”
In April 2021, Current raised $220m in a Series D funding round at a $2.2bn valuation.