Current is a consumer fintech banking platform that enables users to build credit through everyday purchases using a secured charge card, while providing faster access to funds via direct deposit. The platform addresses the lack of accessible credit-building options for everyday Americans by eliminating credit checks and annual fees, allowing users to improve their financial health without traditional banking barriers.
Funding
$611.2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
+6Founders
Product
Problem
Many individuals, particularly those with limited credit history or low income, face challenges in accessing traditional credit-building tools. This lack of access can hinder their ability to improve their financial health and achieve long-term financial goals. Traditional banking services often require credit checks and impose annual fees, creating barriers for those who need credit-building opportunities the most.
Solution
Current provides a mobile-first banking platform designed to help users build credit and manage their finances more effectively. The platform offers a secured charge card that allows users to build credit through everyday purchases, without requiring a credit check. Current also provides faster access to funds via direct deposit, fee-free overdraft up to $200, and tools to automate savings. Users can earn points on purchases at grocery stores and restaurants, and access fee-free cash withdrawals from a network of over 40,000 ATMs.
Target Audience
Current primarily targets individuals with limited credit history, students, and young adults who are looking for accessible tools to build credit, save money, and manage their finances effectively.
Features
- Build Card: A secured charge card that allows users to build credit with everyday purchases, without credit checks.
- Faster Direct Deposits: Access to funds up to 2 days earlier than traditional banks.
- Fee-Free Overdraft: Overdraft coverage up to $200 without fees, subject to eligibility requirements.
- Savings Pods: Savings accounts that offer up to a 4.00% annual bonus on savings balances.
- Points Program: Earn 1x points for every dollar spent at grocery stores and restaurants.
- Mobile Banking App: A user-friendly app for managing accounts, tracking spending, and setting financial goals.
- Paycheck Advance: Eligible users can access up to $750 with no mandatory fees.
- Cryptocurrency Trading: Buy and sell dozens of coins with zero trading fees.