Current

What Current does

Current is a US consumer fintech operating as a mobile-only neobank targeting underbanked and everyday Americans, particularly Gen Z and Millennial demographics, with over 6 million members as of 2025/2026. The company offers a freemium product suite spanning fee-free checking with early direct deposit (up to 2 days), fee-free overdraft protection for qualified members, paycheck advance up to $750, goal-based Savings Pods with bonus Boost rates up to 4.00% APY, the Build Card secured credit-building product that reports to all three bureaus, fee-free cryptocurrency trading, and a teen banking product with parental controls. Banking and FDIC pass-through deposit services are provided through partner banks Choice Financial Group and Cross River Bank, while crypto is delivered via Zero Hash, and Visa licenses underpin card issuance.

The company differentiates technically through Current Core, an in-house built proprietary banking infrastructure that enables faster money movement and product iteration than BaaS-dependent competitors, supporting distinctive features like automatic gas station hold removals. Current monetizes through debit interchange, Paycheck Advance instant-funding fees (with effective APRs reaching approximately 174% per NerdWallet analysis), Build Card fee events (late payments, foreign transactions), crypto trading spreads, interest margin on deposits held at partner banks, and the Current Max premium subscription tier. Distribution is entirely mobile (iOS and Android) with a product-led growth motion amplified by influencer partnerships — notably MrBeast and Emma Chamberlain — alongside referral programs and PR coverage in CNBC, Wall Street Journal, TechCrunch, and Fortune.

Current was founded in 2016 by Stuart Sopp, is headquartered in New York, and has raised over $650 million across multiple rounds, most recently an $80 million Series E in June 2026 led by Springcoast Partners at a $1.5 billion valuation — a 38% markdown from its $2.2 billion Series D peak in 2021. Backed by Andreessen Horowitz, Tiger Global, QED Investors, and others, the company has reported 70%+ revenue growth for three consecutive years (including 90%+ in 2024) and is publicly targeting profitability in 2026 while preparing for a potential future IPO.

Name

Current

Legal name

Finco Services, Inc.

Website

https://current.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

Current is a US mobile-only consumer neobank serving over 6 million members with fee-free checking, paycheck advance, credit building, savings, and crypto, monetizing via interchange, earned-wage fees, and premium subscriptions.

Ownership category

akta.pro rank

Product category

Consumer Digital Banking (Neobank)

NAICS

Depository Credit Intermediation (5221), Credit Card Issuing (52221)

SIC

Finance Services (6199)

akta.pro primary industry

Retail-focused Neobanks (Mass Market) (FSABAFAA)

akta.pro secondary industries

Digital Banking & Neobank Platforms (BPAMAFAD), Youth/Student Neobanks (FSABAFAD)

Keywords

• Consumer digital banking
• Mobile neobank
• Earned wage access
• Credit building card
• Fintech banking app

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Marketing or Sales, Personnel, Operations, Infrastructure

Revenue model

1. Interchange Fees: Revenue from debit card transaction interchange fees when customers use their Current Visa debit card at merchants. Core revenue driver for neobanks.
2. Paycheck Advance Fees: Fees from earned wage access product. Instant funding carries undisclosed fee with effective APR reaching approximately 174% on two-week $75 advance per NerdWallet analysis.
3. Credit Building Products: Revenue from Build Card secured credit card, including late payment fees (3% of total due balance), foreign transaction fees (3%), and other card-related charges.
4. Cryptocurrency Spreads: Revenue from spread between buy/sell prices on cryptocurrency transactions. Current charges no additional trading fee beyond the spread.
5. Interest Margin: Interest income from deposits held at partner banks (Choice Financial Group, Cross River Bank). Boost savings feature provides bonus rates funded through interest spread.
6. Premium Subscriptions (Current Max): Current Max and other premium features providing higher savings rates, enhanced rewards, and flexible payment options for subscribers seeking additional value.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Current is a mobile-only consumer neobank providing a free digital checking account with early direct deposit, fee-free overdraft, Savings Pods with bonus APY Boost, a no-credit-check Build Card, paycheck advance up to $750, fee-free crypto trading, teen banking, and Current Max premium features, all delivered through iOS and Android apps on a proprietary in-house core banking platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Current Checking Account (Spend) Free mobile checking account for U.S. consumers with no monthly, overdraft, minimum balance, or in-network ATM fees, early direct deposit up to 2 days early, and a Current Visa debit card accepted anywhere Visa is taken.
• Savings Pods with Boost Goal-based savings sub-accounts inside the Current app, offering variable Boost bonus APY up to 4.00% on balances up to $2,000 per pod (up to $6,000 total) for members receiving eligible payroll direct deposit of $200+ over a 35-day period.
• Build Card (Credit Builder) Secured credit-building charge card for consumers with thin or no credit history, requiring no credit check, with no annual fees or interest, and reporting to all three major credit bureaus.
• Paycheck Advance Earned wage access feature allowing eligible members to advance up to $750 against their next paycheck. Free three-business-day delivery is standard; instant funding carries an undisclosed fee with an effective APR of approximately 174% on a $75 two-week advance.
• Fee-Free Overdraft Overdraft protection with no fees for qualified members who receive a minimum of $200 in eligible direct deposits over a preceding 35-day period.
• Cryptocurrency Trading Fee-free cryptocurrency trading within the Current mobile app, powered by Zero Hash LLC, with access to dozens of coins. Revenue is generated from spreads rather than trading commissions. Weekly purchase limit is $100,000 with no limit on sales.
• Teen Banking Parent-managed teen checking with a teen debit card, parental controls, real-time spending alerts, instant transfers, and chore management tools for financial education.
• Current Max Premium subscription offering higher savings rates, enhanced rewards, and flexible payment options for Current members seeking additional value beyond the free core banking tier.

Quantifiable outcome

• Boost credit score by over 80 points after just six months (based on Build Card users as of December 2024)
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability1 record

Feature7 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Cross River BankcoreStrategic or Co-development Partner · 11 June 2026Banking partner providing FDIC insurance and infrastructure for credit and liquidity products. Expanded partnership in 2026 for scaling credit offerings. Co-developed Build Card secured credit card.
• Choice Financial GroupcoreStrategic or Co-development PartnerBank partner (Member FDIC) providing deposit account services and Visa debit card issuance. Primary partner for FDIC pass-through insurance coverage.
• Zero Hash LLCcoreTechnology or IntegrationCryptocurrency services provider enabling fee-free crypto trading within the Current app. Zero Hash LLC and Zero Hash Liquidity Services LLC provide virtual currency business activity licensed by NY DFS.
• VisacoreTechnology or IntegrationCard network partner for Visa debit and credit cards. Expanded partnership in 2019 Series B. Cards issued by Choice Financial Group and Cross River Bank pursuant to Visa licenses.
• AcalaminorStrategic or Co-development PartnerDeFi platform partnership announced 2021 to explore blockchain-based financial services. Part of broader crypto strategy.
• Compound LabsminorStrategic or Co-development PartnerDeFi protocol partnership to explore blockchain-based financial services. Part of crypto innovation strategy alongside Acala partnership.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Albert: Mobile-first consumer fintech combining banking, early wage access (Albert Instant), savings, and investing. Comparable underbanked/cash-strapped customer base and EWA-driven monetization model.
• Cash App (Block): Block's consumer fintech app offering P2P payments, debit banking, savings, investing, and Bitcoin trading. Directly comparable to Current's mobile-first, fee-free, mass-market model with crypto and banking in one app.
• Dave: Public consumer fintech offering paycheck advance (ExtraCash), budgeting, and banking through partner banks. Most direct overlap with Current's EWA, fee-free banking, and underbanked customer focus.
• Varo Bank: Digital-first neobank (with its own bank charter) targeting underbanked consumers with checking, savings, and credit-building. Comparable product mix and customer demographic to Current.
• MoneyLion: Public consumer fintech offering banking, credit-building, earned wage access, and investment products to mass-market Americans. Directly comparable EWA + credit-building + banking proposition.
• Chime: Closest direct competitor — U.S. consumer neobank offering fee-free banking, early direct deposit, savings, and credit-building products to underbanked Americans. Overlaps heavily with Current's product set, customer base, and BaaS partner-bank model.

Broad incumbents

• Venmo: PayPal-owned consumer P2P and debit card product. Comparable mobile-first Gen Z/Millennial customer base and free-debit-card positioning; less overlap on credit building and EWA.
• SoFi: Public, profitable consumer fintech with banking, lending, investing, and credit-card products. Competes with Current on banking and credit building but operates a much broader product portfolio at significantly larger scale.

Emerging players

• Step: Mobile-first neobank targeting teens, Gen Z, and families with banking, secured credit-building, and investment features. Overlaps with Current's teen banking and Build Card propositions.
• Greenlight: Teen and family-focused fintech debit card with parental controls and financial education. Direct overlap with Current's Teen Banking segment and similar underbanked/Gen Z customer acquisition motion.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/current
• YouTubeyoutube.com/@CurrentCard
• Facebookfacebook.com/CurrentDebitCard
• LinkedInlinkedin.com/company/current
• Instagraminstagram.com/Current
• TikToktiktok.com/@current?lang=en

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds8 records

Investors23 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Current