NEW YORK, NY, Current, a leading U.S. challenger bank serving Americans overlooked by traditional banks, has scored $131 million in Series C funding.
New investor Tiger Global Management led the round for the mobile bank, which has now raised over $180 million in total funding and has a valuation of $750 million.
The new capital follows a year of exponential growth for Current, which has doubled its member base in less than six months to surpass two million members. Revenue has also increased over 500 percent year over year to firmly establish the challenger bank as an industry leader in the U.S.
Tiger Global Management led the round and was joined by new investors Sapphire Ventures and Avenir. Foundation Capital, Wellington Management Company and QED Investors returned to fund the company. With the additional funding, Current plans to expand on its product offerings in order to continue to meet the financial needs of its core demographic and improve even more financial lives.
Current is a leading U.S. challenger bank serving the needs of Americans who have been overlooked by traditional banks. The company has a mission to improve financial outcomes and a commitment to providing members faster and better access to their money with early direct deposits, free overdraft, points for cash back and access to free ATMs nationwide. The proprietary Current Core technology allows Current to provide banking services without overdraft fees, minimum balance requirements, or hidden fees. To learn more, visit http://www.current.com.
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