Banks Funding

Online Bank Current Raises $131 Million

NEW YORK — Current, an online bank with offices in SoHo, announced it has raised $131 million in Series C funding. New investor Tiger Global Management led the round for the mobile bank, which has now raised over $180 million in total funding and has a valuation of $750 million.

Tiger Global was joined by new investors Sapphire Ventures and Avenir. Foundation Capital, Wellington Management Company and QED are previous investors that also participated in the Series C round.

Current says it has doubled its member base in less than six months to surpass two million members. Revenue has also increased over 500 percent year over year as it looks to challenge established banks by offering features such as rewards points on debit card purchases, up to $100 in overdraft with no fees and free ATM withdrawals at 55,000 locations nationwide.

“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,” said Stuart Sopp, CEO and Founder, Current. “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.”