Current

Current offers banking services to individuals via a mobile app. The company was initially launched in 2015 to cater to the teen segment but has since branched out to offer personal checking accounts and savings accounts to the broader population. The company’s customer base and the product focus, however, remain skewed towards younger demographics, with its average customer age standing at 27, as of April 2021.

The company offers checking accounts, incorporating features such as the removal of minimum balance requirements, faster direct deposits, instant spending notifications, banking insights, and free ATM transactions. The company also provides savings accounts, offering a 4.0% Annual Percentage Yield (APY), which the company claims is 60x higher than the national average, and are paid on funds of up to USD 6,000. The savings feature also pays interest on a daily basis. In addition, the platform also provides fee-free overdraft facilities, a prepaid credit card that helps build credit scores, as well as fee-free access to a network of 40,000 ATMs. Current also caters to families and provides teen banking facilities, providing debit cards for teens, while also enabling parents to maintain control and visibility over these accounts.

In 2020, the company launched a points reward program for debit card users, in a bid to differentiate itself from its competitors. Under the program, debit card holders would be entitled to generate up to 15x points on debit card purchases at over 14,000 retailers in the US, which can be redeemed for cash at a rate of 100 points per dollar. In addition, it allows customers to trade and invest in cryptocurrencies through its app without any trading fees.

Key customers and partnerships

As of August 2022, the company had more than 4 million customers.

The company partnered with Cross River Bank (in August 2023) to introduce a credit card that helps individuals build credit. The card is issued by Cross River on the Visa network.

Funding and financials

In April 2021, the company raised USD 220 million in Series D funding led by Andreessen Horowitz, at a valuation of USD 2.2 billion. This reflected a 3x jump of the valuation (USD 750 million) it recorded in the previous funding round in November 2020. The company expects to use the funding to double its workforce over the next 18 months and increase its product offering.