Current Announces Record-Breaking Growth in 2024; Secures Additional Capital to Accelerate Scale, Product Innovation
Saturday, December 14, 2024
Fintech raises $200 million in capital, will provide path to profitability
NEW YORK, Dec. 13, 2024 /PRNewswire/ -- Current, a leading consumer fintech banking platform transforming financial access for everyday Americans, announced extraordinary growth in 2024 including an over 90 percent increase in revenue. Following this record year, the company has secured $200 million in new capital to accelerate growth and fast-track profitability in 2025.
The funding round featured continued support from existing investors Andreessen Horowitz, Wellington Management, and Avenir, with new participation from General Catalyst and Cross River.
General Catalyst's investment from its Customer Value strategy will drive strategic member acquisition and fuel efficient expansion toward profitability. Meanwhile, Cross River Bank is deepening its collaboration with Current by extending warehouse funding to bolster Current's Paycheck Advance and secured credit-building card offerings.
This additional capital will strengthen Current's unmatched ability to build highly accessible financial solutions that seamlessly work together to solve the needs of its members, including faster paycheck access, savings pods, a dynamic secured charge card connected to members' spending balances, and earned wage access, which provides millions of Americans with critical financial flexibility when they need it most.
"Millions of Americans are struggling with affordable access to liquidity and credit," said Stuart Sopp, CEO and co-founder, Current. "Our record, market-leading growth is a testament to Current's unique ability to build solutions that work together synergistically to solve these needs and are available to everyone. This new capital provides us the most efficient way to scale these solutions, including providing even higher limits of our earned wage access product to more people and setting our company on the best path to long-term success, including reaching profitability in 2025."
The additional capital will also support new product expansion at Current and the company projects continued rapid growth over the next year as it achieves profitability.
"Current's tremendous growth this year showcases the true product-market fit it has unlocked," said Roy Mabrey, General Catalyst. "We are excited to invest in the future of Current because of its demonstrated ability to scale with great unit economics and the key gap it is stepping up to fill in the market for millions of Americans who are struggling to make ends meet. We look forward to supporting Stuart and the team as they continue to grow and be at the forefront of product innovation."
CRB Securities served as exclusive strategic and financial advisor to Current on the capital raise.
About Current
Current is a leading consumer fintech banking platform transforming financial access for everyday Americans. We're focused on building integrated solutions to solve needs that stand between Americans and their financial goals, making it easier for everyone to build the future they deserve. To learn more about us, visit http://www.current.com or download our app on the App Store or Google Play.
Current is backed by investments from Andreessen Horowitz, Tiger Global Management, Avenir, Wellington Management, General Catalyst, Cross River, Foundation Capital and QED Investors.
Media Contact:
Erin Bruehl
VP of Communications, Current
media@current.com
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SOURCE Current
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