Current
“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?”
Founded2015
HQNew York, NY, USA
FoundersStuart Sopp
Total raised~$220M+
Latest roundSeries D, 2021
Valuation$2.2B post-money (2021)
IndustryFintech / Neobank
The story
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.
Last 12 months
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Product timeline
2015
Current founded as a mobile banking platform targeting teens and underserved consumers.· banking
2018
Launched teen debit card and account with parental controls.· card
2020
Expanded to full consumer neobank offering with direct deposit, overdraft protection, and faster payment access.· banking
2021
Raised Series D at $2.2B valuation; surpassed 3 million members.· banking
2022
Introduced cash deposit feature via InComm partnership, expanding access for underbanked users.· banking
The stack
Banking / BaaS
Card issuing
Lending
Sponsor bank
Accounting gap: none