US challenger bank Current has secured $220m in a Series D funding round led by new investor Andreessen Horowitz.

The latest fundraising triples the company’s valuation to $2.2bn in five months, taking the capital raised by the firm to over $400m until now.

Returning investors Tiger Global Management, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital, Wellington Management and EXPA also joined.

Andreessen Horowitz general partner David George said: “We believe there will be a shift in the next 10 years to mobile and consumer-focused banking services powered by innovation in technology, and with Current’s exceptional growth over the past year, they’ve clearly demonstrated they’re at the forefront of this trend.

“Their product is among the best in the market, and they have proven an ability to reach customers who previously were unserved or underserved by traditional banks.”

Using the fresh infusion, the fintech intends to drive growth and its member base.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It also plans to develop integrated products with some of “today’s most relevant creators” with the money.

At present, Current has a member base of around three million. The firm also expanded its creator partnerships.

The firm started by offering a teen debit card managed by parents, later offering personal checking accounts.

Current CEO and founder Stuart Sopp said: “We’ve always been committed to providing products that make life better and with this new round of funding we’ll continue to innovate to find more ways to provide value, improve financial outcomes and accelerate the growth of our company and member base.”2

Recently, MANTL – another US fintech – raised $40m in a Series B funding round led by Alphabet’s independent growth fund, CapitalG.

MANTL will use the new money to hire new talent and expand its product offering.