Mobile Bank Current Raises $220M Series D at $2.2B Valuation

Current announced a $220M Series D funding round on April 27, 2021, led by Andreessen Horowitz, which tripled the company's valuation to $2.2 billion. The round brought Current's total funding to approximately $402.4M. Current operates a mobile banking platform offering accounts, debit cards, direct deposit, and savings features, relying on banking-as-a-service infrastructure to deliver financial products without holding a bank charter.

The company targets underbanked and younger consumers who are underserved by traditional banks. The new capital was earmarked for product development, customer acquisition, and expanding its suite of embedded financial services. Current's rapid growth reflects the broader trend of neobanks leveraging BaaS partnerships to scale consumer financial products.

No specific bank partner was disclosed in the announcement, though Current's model depends on sponsor bank relationships to offer FDIC-insured accounts.