US challenger bank Current has raised $131 million in Series C funding, in a round led by new investor Tiger Global Management.
Serving Americans overlooked by traditional banks, the mobile-only bank has now raised over $180 million in total funding and has a valuation of $750 million.
The new capital follows a year of exponential growth for Current, which has doubled its member base in less than six months to surpass two million members. Revenue has also increased by 500% year over year.
"We have seen a demonstrated need for access to affordable banking with a best-in-class mobile solution," says 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.."
He says Current plans to use the fresh capital to expand on its product offerings for its core demographic.