Current raises $220 million

Five months after raising $131 million, US challenger bank Current is announcing another round of funding. The startup just raised $220 million in Series D funding and tripled its valuation to $2.2 billion. New investor Andreessen Horowitz led the round with participation from returning investors Tiger Global Management, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital, Wellington Management and EXPA.

Founded in 2015, Current offers a range of banking features including fee free accounts, the option to get paid faster, money management tools and savings pods, among other things.

The NY-based startup recently announced a partnership with Jimmy Donaldson, aka MrBeast, one of YouTube’s most-viewed creators and philanthropists.

“Getting ahead is more important than ever to this generation. Building products that solve your members’ financial needs now and have the potential to grow with them is as important as building a brand that is relatable. We’ve always been committed to providing products that make life better and with this new round of funding we’ll continue to innovate to find more ways to provide value, improve financial outcomes and accelerate the growth of our company and member base.” – Stuart Sopp, Current CEO and founder.

“This new generation of customers doesn’t want to bank in physical branches. We believe there will be a shift in the next 10 years to mobile and consumer-focused banking services powered by innovation in technology, and with Current’s exceptional growth over the past year, they’ve clearly demonstrated they’re at the forefront of this trend. Their product is among the best in the market, and they have proven an ability to reach customers who previously were unserved or underserved by traditional banks. We look forward to supporting Stuart and the team as they continue to build the most relevant banking products and brand for this next gen customer.” – David George, general partner, Andreessen Horowitz.