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Overview
Current provides digital banking services via a custom platform called Current Core, delivering accessible and affordable premium banking to individuals and teens. Users open a mobile account, receive early direct deposits, have free overdraft up to $100, enjoy cash-back rewards, free ATM access, and can deposit cash and checks via mobile app. Revenue comes from subscription fees for premium accounts and interchange fees from card usage, with the Current Core stack enabling faster, more stable, and cost-efficient transactions. The goal is to improve financial outcomes by making banking accessible, affordable, and feature-rich for a broad consumer base, including teen banking, with transparent pricing.
About Current
Industries
Consumer Software
Fintech
Financial Services
Company Size
201-500
Company Stage
Series E
Total Funding
$472.6M
Headquarters
New York City, New York
Founded
2015
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People at Current who can refer or advise you
Simplify's Take
What believers are saying
- Current achieved over 70% growth for three consecutive years with strong unit economics.
- Current secured $80 million Series E at $1.5 billion valuation led by Springcoast.
- Current targets profitability in 2026 while expanding AI-powered financial services.
What critics are saying
- Revenue relies heavily on interchange fees vulnerable to debit-spend compression and regulatory cuts.
- Cross River is a single critical partner; any pullback chokes credit product scaling.
- AI expansion increases exposure to model risk, hallucinated personalization, and bad automated decisions.
What makes Current unique
- Current Core is a cloud-native platform lowering account costs versus legacy banks.
- Current offers fee-free overdraft up to $100 and no monthly account fees.
- Current provides teen banking and gas hold refunds for unique consumer flexibility.
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Funding
Total Funding
$472.6M
Above
Industry Average
Funded Over
7 Rounds
General Catalyst
Andreessen Horowitz
Tiger GlobalIndustry standards
Benefits
Competitive salary
Equity
Discretionary bonus program
Flexible vacation policy
Medical, dental, & vision
Commuter benefits
Growth & Insights and Company News
6 month growth
↓ -1%1 year growth
↓ -2%2 year growth
↓ -4%Current, a fintech platform, announced a 90% revenue increase in 2024 and secured $200 million in new capital to accelerate growth and achieve profitability by 2025. The funding round included existing investors like Andreessen Horowitz and new ones like General Catalyst. The capital will enhance product offerings such as faster paycheck access and credit-building cards. Current aims for continued rapid growth and product expansion, supported by strategic investments and partnerships.
The Current announced a "multiyear deal" with the United Way of Greater Kansas City as the club's front kit sponsor in January.
The Current announced the appointment of Raven Jemison as new team president on Thursday morning.
In exchange, the Current will receive $75,000 in allocation funds and complete expansion draft protection, which means Utah can't select any Kansas City players in the draft.
The Current receive $175,000 in allocation money and expansion draft protection.
Current is Hiring for 11 Jobs on Simplify!
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About Current
Industries
Consumer Software
Fintech
Financial Services
Company Size
201-500
Company Stage
Series E
Total Funding
$472.6M
Headquarters
New York City, New York
Founded
2015
Current is Hiring for 11 Jobs on Simplify!
Find jobs on Simplify and start your career today