Current Blows By One Million Members
June 17, 2020, 08:07 ET
a challenger bank serving Americans overlooked by traditional banks has
surpassed one million members after record months of growth and has
added new funding from Foundation Capital.
Current saw its highest months of growth in April and May, adding over
100,000 new members each month, as demand for mobile banking with faster
access to funds increased during a time of both heightened importance
and uncertainty for many workers now deemed essential.
"Our rapid growth is a testament to just how many Americans need a more
innovative banking solution," said Stuart Sopp, Current CEO and Founder.
"Traditional banks cannot adequately serve most Americans due to their
legacy infrastructure. They charge exorbitant fees just to cover their
costs to bank the over 130 million people in this country who live
paycheck to paycheck. We solved this through dramatically lowering the
cost of maintaining accounts and a business model that is not dependent
on our members maintaining large deposits."
has quickly proven to be a fit for the millions of Americans whose
financial needs are not being met by traditional banks," said Angus
Davis, partner at Foundation Capital. "With a third of the U.S.
population living paycheck to paycheck, Current has a large opportunity
in front of it and I am excited to partner with Stuart and the team as
they continue to improve financial outcomes for millions more."
With the additional funding, Current is accelerating its growth and
expanding on its mission to improve financial outcomes for all
Americans, regardless of age or income level.
"We are lowering the barriers to financial inclusion and closing the gap
to financial inequality," Sopp said. "We feel we're in the right place
at the right time and anticipate reaching two million members by the end