Mobile Banking Fintech Current Raises $20M Series B Funding
Current announced a $20 million Series B funding round on October 24, 2019, bringing its total capital raised to $45 million. The mobile banking fintech provides FDIC-insured accounts through partner banks Choice Financial Group and Metropolitan Commercial Bank, operating with custom-built core banking technology. New investors in the round included Wellington Management Company, Galaxy Digital EOS VC Fund, and CMFG Ventures (the venture arm of CUNA Mutual Group).
Returning investors QED Investors, Expa, and Elizabeth Street Ventures also participated. The funding coincided with Current surpassing 500,000 customer accounts and an expanded partnership with Visa. Current focuses on providing affordable financial services to underbanked consumers, leveraging its bank partnerships for deposit insurance and compliance while controlling its own technology stack.
The raise positioned Current to accelerate product development and customer acquisition in the competitive neobanking space.
- Validates the BaaS-enabled neobank model where fintechs build custom tech atop partner bank charters for FDIC-insured deposits
- Growing investor interest in consumer-facing fintechs leveraging bank partnerships signals expanding embedded finance ecosystem