“Can a mobile-first neobank win the underbanked and paycheck-to-paycheck consumer by offering faster, fee-free banking features that traditional banks won't?”
Current launched as a teen-focused debit card and parental-controls banking app in 2015, then pivoted to serve the broader underbanked and mass-market consumer segment by 2020. The company positioned itself as an alternative to traditional banking with features like faster direct deposit, fee-free overdraft (Overdrive), and rewards, reaching unicorn status in 2021. Its embedded finance stack relies on third-party BaaS and card-issuing infrastructure rather than an owned bank charter.
Current discloses Galileo as its banking provider, with Choice Financial Group as its sponsor bank, according to the Embedded Finance Index 2026.
Current does not disclose a bank charter of its own; its banking services are provided through Choice Financial Group.
Current's cards are issued through Galileo.
Current's crypto products run on Zero Hash LLC.
The Embedded Finance Index 2026 maps 5 layers in Current's stack: Banking / BaaS (Galileo); Card issuing (Galileo); Lending (Overdrive (fee-free overdraft protection)); Sponsor bank (Choice Financial Group); Crypto (Zero Hash LLC).
Current was founded by Stuart Sopp and is founded in 2015, headquartered in New York, NY, USA.
Current has raised ~$220M+ in total (latest round: Series D, 2021; valuation: $2.2B post-money (2021)).
Get a read on where your own stack stands against Current and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.