Digital Bank Current Closes $131M Series C at $761M Valuation
We’re excited to announce that our portfolio company Current has closed a $131 million Series C led by Tiger Global Management at a post-money valuation of $761 million! To-date, the company has raised over $180 million in total funding.
Congratulations Stuart Sopp and the entire Current family for this monumental achievement!
Here is a link to the Wall Street Journal article, the TechCrunch article, and the company’s Press Release.
“We have seen a demonstrated need for access to affordable banking with a best-in-class mobile solution that Current is uniquely suited to provide,” said Stuart Sopp, CEO and Founder, Current. “We are committed to building products specifically to improve the financial outcomes of the millions of hard-working Americans who live paycheck to paycheck, and whose needs are not being properly served by traditional banks. With this new round of funding we will continue to expand on our mission, growth and innovation to find more ways to get members their money faster, help them spend it smarter and help close the financial inequality gap.”
We initially participated in Current’s Series A in 2017 which was led by QED Investors with participation from Fifth Third Capital and Cota Capital.
After witnessing the company’s blitz scaling, we reinvested in the $30M Series B in 2019 which was led by Wellington Management with participation from Foundation Capital and Galaxy Interactive.
The new capital follows a year of exponential growth for Current, which has doubled its member base in less than six months to surpass 2 million members. Revenue has also increased over 500% year over year to firmly establish the challenger bank as an industry leader in the U.S.
About Current
Current is a leading U.S. challenger bank serving the needs of people who have been overlooked by traditional banks. Current has a mission to improve financial outcomes and a commitment to providing its members faster and better access to their money with early direct deposits, free overdraft, points for cash back and access to free ATMs nationwide. Its proprietary Current Core technology allows Current to provide banking services without overdraft fees, minimum balance requirements, or hidden fees. Stuart Sopp founded the company in 2015 and is based in New York City.
About Stuart Sopp
Stuart Sopp is the CEO and founder of Current, a leader in U.S. challenger banking, which serves people traditionally overlooked by the banking industry. From 1999–2014 he spent his career developing and trading financial systems at Morgan Stanley, Citi and Deutsche Bank. He started Current after recognizing that the growing wealth inequality gap could be addressed through innovation in technology to improve financial outcomes for everyone.
AAF Management Ltd. (AAF) is an early stage venture capital fund manager focused on Seed and Series A investment opportunities in US-based startups that have international expansion potential. Our goal as a strategic investment firm is to provide unprecedented access to brilliant entrepreneurs seeking to enter the Gulf Cooperation Council (GCC), larger Middle East & North Africa (MENA), and Western Asia markets.
AAF has invested alongside over 750+ tier I and tier II venture capital firms, corporate venture arms, top performing incubators and accelerators and notable angel investors including: Founders Fund, Y Combinator, Menlo Ventures, 8VC, Sequoia Capital, Goldman Sachs, Exxon Mobil, General Motors, Samsung Ventures among others.
