Digital Bank Current Raises $220M in Series D led by a16z at $2.2B Valuation Tripling Valuation in 5 Months
We’re proud to announce that our portfolio company Current, a leading U.S. financial technology company serving Americans who are working to create a better future for themselves, raised $220 million in Series D funding and tripled its valuation to $2.2 billion in just five months!
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 at a $15 million pre-money valuation. Our initial check in to the company is marked at 33x and our entire stake in the company has returned our entire $25 million Fund I!
Current is the third unicorn in our Fund I portfolio after portfolio companies Flutterwave and QOMPLX raised rounds of financing at $1B and $1.4B respectively in March 2021.
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.
New investor Andreessen Horowitz led the round for the financial platform, which has now raised over $400 million in total funding. The fundraise follows a year of tremendous growth for Current, which has nearly three million members, a significant bump from the one million mark it reached just last summer, and it also expanded its creator partnerships. Current’s mobile banking products provide creators new platforms to engage their fans and the new capital will allow Current to grow the company and its member base as well as build integrated products with some of today’s most relevant creators.
Current recently announced a long term partnership with Jimmy Donaldson, aka MrBeast, one of YouTube’s most-viewed creators and philanthropists. The collaboration will give Donaldson, known for his viral challenges, ambitious stunts, and generosity, a new platform to engage and give back at an even larger scale to his over 130 million social media fans utilizing Current’s mobile banking products.
“Getting ahead is more important than ever to this generation,” said Stuart Sopp, Current CEO and Founder. “Building products that solve your members’ financial needs now and have the potential to grow with them is as important as building a brand that is relatable. 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.”
Andreessen Horowitz led the round with substantial participation by returning investors, Tiger Global Management, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital and Wellington Management.
About Current
We are a leading U.S. financial technology company serving the needs of Americans who are working to create a better future for themselves. Our mission is to enable members to change their lives by creating better financial outcomes. Leveraging the best technology, we deliver inspirational and motivational products as we all move forward in a world of increasing digitization and complexity. To learn more about us, visit http://www.current.com or download our app on the App Store or Google Play.
Current is backed by investments from Andreessen Horowitz, Tiger Global Management, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital, Wellington Management and QED Investors.
AAF Management Ltd. (AAF) is a leading early stage venture capital firm focused on direct investments into pre-Seed, Seed and Series A stage technology companies in North America. We are sector agnostic but have a core focus on Fintech, Enterprise SaaS, Digital Healthcare, E-Commerce and Deep Tech. AAF has invested in over 100+ venture backed founding teams and has over $100M in AUM.
In less than 5 years, our portfolio companies have raised over $1.7B after we initially invested most notably from over 50 venture capital firms with more than $1B in AUM.
