Current’s record-breaking growth and $200M funding for innovation

Digital Reinvention
14/12/2024News

In 2024, Current, a leading consumer fintech platform, experienced an extraordinary surge in growth, achieving over 90% revenue increase. This milestone underscores the company’s mission to provide innovative financial solutions to everyday Americans. To build on this momentum, Current has secured $200 million in new funding from notable investors, including Andreessen Horowitz, Wellington Management, Avenir, General Catalyst, and Cross River.

“This year’s achievements highlight the demand for accessible financial tools that address real-world challenges,” said Stuart Sopp, CEO and co-founder of Current. “This funding will help us scale faster, expand product offerings, and pave the way for profitability in 2025.”

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Investors driving strategic growth

The funding includes a strategic contribution from General Catalyst’s Customer Value initiative, focusing on efficient member acquisition and growth. Cross River Bank also deepened its partnership with Current by extending warehouse funding to enhance products like Paycheck Advance and secured credit-building cards.

Roy Mabrey of General Catalyst emphasized the importance of Current’s mission, saying, “Current has demonstrated a strong product-market fit, offering solutions to millions of Americans struggling to make ends meet. We’re thrilled to support their growth and innovation.”

Innovating for financial accessibility

Current aims to use this capital to enhance its offerings, including faster paycheck access, savings pods, and dynamic secured cards linked to spending balances. The company’s earned wage access program, which provides critical financial flexibility, will also see expanded limits to serve more members.

With a focus on innovation and growth, Current is set to introduce new products and achieve profitability in 2025, solidifying its position as a leader in accessible financial solutions.

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