Current, a fintech company based in New York, has raised $200 million to accelerate its expansion and achieve profitability by 2025. The funding round saw participation from General Catalyst, Cross River Bank, Avenir, Andreessen Horowitz, and Wellington Management. New Jersey-based Cross River Bank will provide warehouse finance to boost Current's earned wage access and credit-building card services. Meanwhile, General Catalyst will focus on driving strategic member acquisition.
This fundraising follows Current's $131 million Series C in 2020 and $220 million Series D in 2021, which valued the firm at $2.2 billion. CEO and Co-Founder Stuart Sopp said the money will help grow the company's products and ensure long-term success. Founded in 2015, Current offers a financial platform that helps users build credit through everyday transactions, while also providing savings accounts, spending insights, savings calculators, and expedited paycheck access.
