Current, a leading consumer fintech banking platform transforming financial access for Americans, announced notable growth this year, including an over 90% increase in revenue. Following this record year, the company secured $200 million in new capital to accelerate growth and fast-track profitability next year. This funding round included continued support from existing investors Andreessen Horowitz, Wellington Management, and Avenir, with new participation from General Catalyst and Cross River.
General Catalyst’s investment through its Customer Value strategy will drive strategic member acquisition and fuel-efficient expansion toward profitability. And Cross River Bank is increasing its collaboration with Current by extending warehouse funding to bolster Current’s Paycheck Advance and secured credit-building card offerings.
This additional funding will strengthen Current’s unmatched ability to build highly accessible financial solutions that seamlessly work together to solve the needs of its members, including faster paycheck access, savings pods, a secured charge card connected to members’ spending balances, and earned wage access, which provides millions of Americans with financial flexibility when they need it most.
The additional funding will also support new product expansion at Current, and the company projects continued rapid growth over the next year as it achieves profitability.
CRB Securities served as Current’s exclusive strategic and financial advisor on the fundraising.
KEY QUOTES:
“Millions of Americans are struggling with affordable access to liquidity and credit. Our record, market-leading growth is a testament to Current’s unique ability to build solutions that work together synergistically to solve these needs and are available to everyone. This new capital provides us the most efficient way to scale these solutions, including providing even higher limits of our earned wage access product to more people and setting our company on the best path to long-term success, including reaching profitability in 2025.”
- Stuart Sopp, CEO and co-founder, Current
“Current’s tremendous growth this year showcases the true product-market fit it has unlocked. We are excited to invest in the future of Current because of its demonstrated ability to scale with great unit economics and the key gap it is stepping up to fill in the market for millions of Americans who are struggling to make ends meet. We look forward to supporting Stuart and the team as they continue to grow and be at the forefront of product innovation.”
- Roy Mabrey, General Catalyst
