7.05.2021. USA digital bank Current triples valuation in five months to $2.2 billion

Company News

Current, a mobile-focused online bank, registered in USA, New York, on June 2015, that offers a checking account and debit card. The account comes with a few bonus features that are noteworthy, including budgeting tools, the ability to deposit cash and earn rewards on debit card purchases. It also includes features to help parents manage their children’s spending.
Current has tripled its valuation to $2.2 billion just five months after its previous fundraising round.
The company raised $220 million in a Series D round led by new investor Andreessen Horowitz, according to Current CEO Stuart Sopp. The New York-based start-up’s previous round in November valued it at $750 million.
Current is chasing bigger competitors including Chime and Square’s Cash App by providing inexpensive financial services though a mobile app.
The migration in banking to digital services, which has been underway for years, accelerated during the coronavirus pandemic.