Current Launches Platform API to Enable Embedded Banking Experiences
On May 10, 2022, Current launched its Platform API designed to enable seamless embedded banking experiences including accounts, payments, and connections to fintech applications. The API leverages a partnership with Plaid, allowing Current's nearly 4 million customers to securely link their accounts to over 6,000 apps and services on the Plaid network. Supported use cases include digital payments, financial planning, and investment tools.
Rather than sharing banking credentials, users authenticate via phone number and device verification. Current CTO Trevor Marshall stated the launch was driven by customer feedback and aims to embed core banking technology for open banking partners. Plaid's partnerships lead, Raja Chakravorti, highlighted the importance of secure access for first-time banking users.
The move positions Current not just as a consumer neobank but as an infrastructure player enabling third-party embedded finance integrations.
- Neobanks expanding beyond direct-to-consumer into embedded finance infrastructure signals competitive pressure on dedicated BaaS providers
- Plaid integration reinforces open banking connectivity as a core requirement for embedded finance platforms