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.
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.