US Challenger Bank Current Raises $131 million in Series C funding

New York based challenger bank Current announced that it has raised $131 million in Series C funding. The round was led by Tiger Global Management, which was joined by a slew of investors including Sapphire Ventures, Avenir, Foundation Capital, Wellington Management Company and QED Investors.

The fresh capital has brought Unocoin’s total funding to over $180 million and valuation to $750 million, which would be utilized for expanding the bank's product offerings in order to continue to meet the financial needs of its core demographic and improve even more financial lives.

The digital bank's member base has doubled within six months to surpass two million members. In addition, revenue has also increased over 500 percent year over year to firmly establish the challenger bank as an industry leader in the U.S.

Stuart Sopp, CEO and Founder at Current, commented:“We have seen a demonstrated need for access to affordable banking with a best-in-class mobile solution that Current is uniquely suited to provide. We are committed to building products specifically to improve the financial outcomes of the millions of hard-working Americans who live paycheck to paycheck, and whose needs are not being properly served by traditional banks. With this new round of funding we will continue to expand on our mission, growth and innovation to find more ways to get members their money faster, help them spend it smarter and help close the financial inequality gap.”

“We’re proud of our ability to deliver on our promises to our members, especially at times many needed it most this year,” Sopp said. “Our growth this year highlights the need of so many Americans for faster access to money, the trust we’ve built with them and we look forward to accelerating into 2021.”

​Angus Davis, partner of Foundation Capital remarked:“Current’s meteoric growth shows the huge demand for digital banking built to serve the needs of the people, instead of the other way around. Old banks over-charge and under-serve. Current turns that broken model on its head to help the next generation of Americans get ahead with a digital app that puts the superpowers of a reimagined bank in your pocket. It is a privilege to support Stuart, his team, and the community of Current members as together they transform retail banking for today’s generation.”