US personal finance app Current is aiming for profitability in 2025, raking in $200 million in fresh capital after reporting a 90% increase in revenue over the past year.
The funding round featured continued support from existing investors Andreessen Horowitz, Wellington Management, and Avenir, with new participation from General Catalyst and Cross River.
Founded by Wall Street veteran Stuart Sopp, Current started out with a family-friendly debit card that parents can connect to their bank accounts and give to their kids.
It has since expanded to offer banking services to the third of Americans living paycheck to paycheck, offering savings pods, a dynamic secured charge card connected to customers' spending balances, and earned wage access.
"Millions of Americans are struggling with affordable access to liquidity and credit," says Sopp. "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."