Current, a US consumer FinTech platform focused on improving the financial wellbeing of everyday Americans, has closed an $80m Series E equity round at a valuation of $1.5bn, with Springcoast Partners leading the investment.
The financing also attracted support from existing backers including Andreessen Horowitz, Tiger Global Management, Avenir, Foundation Capital, Wellington Management, Sapphire Ventures and QED Investors. As part of the deal, Springcoast Partners will take a seat on Current's board of directors.
Alongside the equity raise, Current expanded its financing arrangement with Cross River, increasing capacity to scale its liquidity and credit products to meet growing customer demand. The company also extended its multi-year commitment with General Catalyst's Customer Value Fund, which has supported rapid growth while enabling continued investment in product and engineering.
The announcement comes as Current enters its third consecutive year of growth surpassing 70% and advances towards profitability in 2026. The company says it is building the operational scale, governance and financial profile associated with a publicly listed business, positioning itself as one of the leading scaled consumer FinTech platforms in the United States.
Fresh capital will be directed towards product innovation, AI-powered financial services, and the expansion of Current's banking, payments, liquidity and credit offerings. The company credits significant investments in technology and AI infrastructure for enabling it to deliver personalised financial experiences at scale while maintaining strong operating leverage.
Current offers millions of Americans a suite of products designed to help them access liquidity, manage cash flow, build savings and improve their financial outcomes overall.
Current CEO and co-founder Stuart Sopp said, 'Over the last several years we've focused relentlessly on building products that solve real financial problems for everyday Americans. That focus has driven three consecutive years of more than 70% growth, strong unit economics, and a crossing over to profitability. This investment reflects confidence in the strength of our business, our progress toward public market readiness, and the value we're creating for millions of members. We're building a durable company designed to deliver long-term value for our members, employees, and shareholders.'
Springcoast Partners partner Chris Dederick said, 'Current has been at the forefront of innovation in banking, with a modern, cloud-native platform and product depth that better serves the needs of customers.'
Springcoast Partners managing partner Holger Staude said, 'Current has built a platform with comprehensive banking solutions that are making real differences in people's lives. Their growth over the last few years shows the proven demand for their products and the unique value they're providing. We're proud to support Stuart and the team as they enter their next phase of growth.'