Digital banking platform Current has collected $20m in its Series B as it grows to more than 500,000 accounts on its app.
Wellington Management Company participated in the round, marking its first investment into Current. Other backers to the round include Galaxy Digital EOS VC Fund, CMFG Ventures, QED Investors, Expa, and Elizabeth Street Ventures.
In addition to the investment, Current is deepening its partnership with Visa. The banking platform leverages Visa’s global acceptance, brand, and scale to increase the expansion of its services and reach customers of various demographics.
Founded in 2015, US-based Current banking application which is targeted towards teens and helping them become better financially educated. The app enables parents to transfer money to their children’s account, set up monthly allowances, implement spending controls, reward chores, and check-out spending.
Earlier in the year, the company launched a personal checking account which is not aimed at teens. Through the checking account, a user can get paid by their employer quicker than traditional banks, deposit checks by taking a photo of it, get cashback at fuelling stations, and make payments.
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.
“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. Our rapid growth to half a million accounts serves as a testament to the ways our products and cost savings are bringing better financial outcomes and we anticipate bringing those benefits to over 1,000,000 customers by mid-2020.”
With the close of the round, the company has raised a total of $45m in equity. Last year, the WealthTech platform received a $10m Series A following investments from Fifth Third Bancorp, QED Investors, and Cota Capital.
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