Current Lands $20M in Series B

Current, the bank for modern life, today announced $20 million in a Series B round, bringing its fundraising total to $45 million, and its rapid growth to over 500,000 accounts as its unique technology continues to power innovation in products that enable new ways to interact with money and offer affordable financial solutions to all Americans. In addition to these milestones, Current is also expanding its partnership with Visa, the world's leader in digital payments.

Wellington Management Company is a first-time investor, and also joining the round is Galaxy Digital EOS VC Fund. CMFG Ventures, the venture capital arm of CUNA Mutual Group, a mutual insurance company serving credit unions and their 120 million members, joined the fundraise. In addition, QED Investors, Expa and Elizabeth Street Ventures return to fund and support the company.

Current is a financial technology company that enables people to more effectively manage their money with family and friends. The company's initial focus is a debit card and companion smartphone app for teens (and parents). Current's flexible, API-based platform adapts to the needs of each user, allowing parents to transfer money, automate allowances, set up and reward chores, put spending controls in place, and maintain visibility into their children's spending with real-time alerts. The company was founded in 2016 and is based in New York City.