Fintech Startup Current Sees Tremendous Success In Fundraising Round

April 27, 2021
Kevin Larkin

Some of the most exciting recent fintech startups have circulated around appealing to both more sustainable practices and specifically to the younger generation. This is a very smart idea and forward thinking, as fintech itself has really taken off in popularity this decade. It’s been growing at a fast rate alongside the internet, and the younger generation fully knows how new technology and the internet work. Current has made it part of their business model to cater to millennials and Gen Z, making it easy for them to understand and apply for services. Current is a digital bank that offers credit card services with rewards points for using the account seemingly any way, such as making deposits or spending using the card. In a recent funding round, Current has raised approximately €180 million, which was led by venture capitalist Andreessen Horowitz. This funding round has now raised Current’s collective net worth over three times to now over €1.8 billion. According to an article by Reuters, “Current has no immediate plans of considering a stock market listing but will look to be ready to go public in the next few years”, founder and Chief Executive Officer Stuart Sopp said in an interview.

Current has made a considerably good effort at making a statement among their target demographic. Just recently they have announced that they are doing a partnership with American YouTuber MrBeast, who has over 60 million subscribers on the platform. His channel mainly consists of insane challenges, such as being buried alive for 50 consecutive hours and hosting a $100,000 (82,706.49) game of tag. In one of his most recent videos, “I Put A $100,000 Bounty On My Head”, he announces his partnership with Current and says that the first 100,000 people to sign up for Current using his promo code would receive $1 (0.83) from him personally. Current has also announced that they have designed a limited edition hoodie that can be purchased with 500,000 reward points, and not bought any other way, encouraging users to use the card as frequently as possible. As far as future plans, they have stated recently that they plan to expand into the cryptocurrency market, which could provide their younger demographic an easy and safe way to learn about how cryptocurrencies work. All of this has led to some of their biggest surges in customer growth, going from just one million users in June of last year to now three million, and the popularity only seems to keep growing.

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