US digital banking startup Current has tripled its valuation to $2.2 billion off the back of a $220 million Series D funding round led by Andreessen Horowitz.Tiger Global Management, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital, Wellington Management and Expa joined the round, which sees Current’s valuation jump from $750 million at its last raise just five months ago.
Founded by Wall Street veteran Stuart Sopp, Current started out with a family-friendly debit card that parents can connect to their bank accounts and give to their kids.
It has since expanded to offer banking services to the third of Americans living paycheck to paycheck, building up a customer base of about three million with an average age of 27.
Explaining a16z’s investment, David George, who joins the Current board, says: “We believe there is going to be a seismic change in the next 10-20 years, as consumers — especially younger ones — shift from legacy, retail-focused banks to consumer-first banks powered by technology.”
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