US challenger bank Current raises $131m in Series C round

Current Series C round : US challenger bank Current has raised $131 million in a Series C funding round led by new investor Tiger Global Management.

The mobile bank, which is based in New York City, has raised more than $180 million in total funding to date, taking its valuation of $750 million.

Current said that the new capital follows a year of exponential growth in which it has doubled its member base in less than six months to cross two million members.

The US challenger bank claimed that its revenue also increased more than 500% year over year.

Current is said to offer members faster and better access to their money with early direct deposits, points for cash back, free overdraft, and access to free ATMs across the country.

The challenger bank will use the proceeds of the Series C funding for expanding its product offerings.

Commenting on Current Series C round, Stuart Sopp – CEO and Founder of Current said: “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.”

Current Series C round also had new investors – Sapphire Ventures and Avenir, while existing investors – Foundation Capital, Wellington Management, and QED Investors also took part.