US-based digital banking app Current has raised $20m in a Series B funding round from a clutch of investors to accelerate its growth.
The round included first time investments from Wellington Management Company, Galaxy Digital EOS VC Fund and CMFG Ventures. The lender’s existing backers QED Investors, Expa and Elizabeth Street Ventures also participated in the round.
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The latest round takes the company’s total fund raised till date to $45m.
Founded in June 2015, the fintech firm offers personal checking accounts and a teen banking product through a mobile app. Its offerings also include a Visa debit card for its customers.
Current offers banking services through Choice Financial Group and Metropolitan Commercial Bank, with savings up to $250,000 FDIC insured.
Current founder and CEO Stuart Sopp said: “We believe everyone should have access to affordable financial services that improve the chances for a better life.
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By GlobalData“We have made this a reality through rebuilding financial infrastructure with the Current Core. It allows us to build more products that offer new ways to interact with money.”
The digital lender also revealed that it now serves over half a million customers and intends to take the count to one million by the first half of next year.
Commenting on the investment, Galaxy Digital co-founder and co-head of Principal Investments Sam Englebardt said: “In a competitive neobank market, Current stands out for its focus on delivering better outcomes for the modern family, by empowering them with the financial tools to meet their underserved needs.
“We are excited to support Stuart and his team as they enhance their product offering and accelerate into their next wave of expansion.”
Besides fundraising, Current has expanded its partnership with digital payment leader Visa. Under the collaboration, Current will initiate joint marketing efforts with Visa to reach out to varied demographics.
