Current (financial services company)

Finco Services, Inc.
Current
Company typePrivate
IndustryBanking, finance
Founded2015; 9 years ago (2015)
FounderStuart Sopp
Headquarters
New York City
,
United States
ServicesFinancial transaction processing
Finance and insurance
Credit card service
Websitewww.current.com

Current (Finco Services, Inc.) is an American financial services and software development company (FinTech) based in New York City.[1] It provides mobile banking services through its partner bank, Choice Financial Group.

Current was founded by Stuart Sopp at June 2015.[2] In 2020, the Wall Street Journal reported a valuation of $750 million, and reported that Current "is the latest beneficiary of this trend [toward mobile consumer banking]".[3]

Current has no physical branches. As of 2022, Current had over 4 million account holders.[4] Account-holders are issued Visa debit cards and have access to an online banking system accessible via the mobile app for Android or iOS.

Like competitors Chime and Square, it was also the beneficiary of the 2020 COVID pandemic, which drove consumers away from brick-and-mortar alternatives.[5] As of April 2021, its valuation stands at $2.2 billion.[6]

  1. ^ "Finco Services, Inc". D&B Business Directory. Retrieved June 3, 2021.
  2. ^ Son, Hugh (17 June 2020). "Digital bank Current sees 'insane' growth during pandemic as essential workers sign up for accounts". CNBC. Retrieved 2023-02-28.
  3. ^ Chernova, cvg (2020-11-24). "Current Joins Mobile-Banking Boom With $131 Million Tiger Global-Led Round". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-06-05.
  4. ^ "How Current pivoted to free". Banking Dive. Retrieved 2023-03-06.
  5. ^ Son, Hugh (2020-06-17). "Digital bank Current sees 'insane' growth during pandemic as essential workers sign up for accounts". CNBC. Retrieved 2021-06-05.
  6. ^ Son, Hugh (2021-04-27). "Digital bank Current triples valuation in five months to $2.2 billion after Andreessen takes stake". CNBC. Retrieved 2021-06-05.