Current tripled its valuation in 5 months with the new capital infusion. Here are the top-line bullets you need to know.
Current, a digital banking services platform has raised $220M in a Series D, led by Andreessen Horowitz.
HOW’S THE COMPANY PERFORMING?
- New York-based Current offers mobile banking solutions such as direct deposits, spend notifications, and banking insights, among others. The company started off as a provider for teen banking.
- One of the company’s earlier design iterations involved cryptocurrency wallet addresses and Ripple gateways, but the team shifted to mobile banking as the technology was too nascent at the time.
- The company has expanded its creator partnerships in an effort to appeal to its younger customer demographic — with an average customer age of 27.
- Current boasts 3M users, up from 2M in November 2020. It has 100 employees and plans to increase it to 200 or 300 in next 18 months.
Source: Current
WHY DOES THE MARKET MATTER?
- The fintech market is projected to grow at a CAGR of 22.2% to reach a value of $305B by 2025, according to Market Data Forecast.
- Global fintech adoption stands at 25% and provides enormous opportunity for growth to service providers and first movers.
- The market has seen funding boom in recent years. In 2020, VCs infused $42B into fintech companies.
- The Covid-19 pandemic has driven the adoption of cashless transactions through digital payments and online payment gateways.
