Current

Based in the US, Finco Services, Inc. , d. b. a.

Current is a financial technology company based in the US that offers innovative digital banking solutions tailored for modern consumers. Their services streamline everyday banking needs. Based in New York, US, and founded in 2015 by co-founder and CEO Stuart Sopp, Finco Services, Inc. , doing business as Current operates as a financial technology firm that provides digital banking services.

In December 2024, Current raised USD 30 million in venture funding from returning investors Andreessen Horowitz, Avenir Growth Capital, and Wellington Management. The round was part of a larger USD 205 million equity and venture debt funding. Current offers a suite of digital banking solutions, including a mobile banking app, a Visa® debit card, and a secured charge card. Their services are designed to simplify banking experiences, featuring faster direct deposits, fee-free overdraft options, and a rewarding points program for everyday spending at selected retailers.

Current primarily serves customers in the United States, focusing on individuals who seek modern banking solutions without the burden of traditional credit checks or minimum account balances. Current generates revenue through transaction-based and fee-based structures linked to its financial products. Customers may incur specific fees such as out-of-network ATM fees and foreign transaction fees, contributing to the company’s earnings. Their business model emphasizes a direct-to-consumer approach, with flagship products like the Current Visa® debit card and secured charge card facilitating seamless financial transactions.

Revenue streams are bolstered by consumer engagement through transaction fees and incentivized spending from the points program. The company plans to use its proceeds from December 2024 to enhance its financial services platform and expand its market presence. The company is planning to launch new products designed to meet the evolving needs of its customers. Specific markets and regions targeted for expansion include a focus on increasing their footprint within the US market.