Deep Dive: Current
- Current is a challenger bank with a focus on improving consumers’ access to banking services and financial literacy through technology.
- Starting out as a teen banking product, building its own core technology, and now diving into DeFi, the company has taken an interesting route compared to competitors.
Current is a six-year-old challenger bank based in New York. The company was founded by Stuart Sopp, a veteran in the financial industry who served as head of trading both at Morgan Stanley from 2009 to 2014, as well as Citi, between 2008 and 2009. Sopp started the challenger bank as a way to address financial inequality through technology.
As a challenger bank, Current’s features are pretty standard. But what differentiates it is that it has its own core banking infrastructure. That’s given it more flexibility to develop its own features and products without going through a third party provider.
Today the company, which is currently private, has around 200 employees, a $2.2 billion valuation, and has raised $339 million in funding. As of April 2021, the company reported reaching 3 million users. In 2020, it hit the 1 million mark.
The challenger bank’s average user is 27 years old, earns $45,000 a year, and lives in cities like NY’s Brooklyn Borough, Chicago, Las Vegas, and Atlanta, according to an article by CNBC.
Banking products overview
This content is available exclusively to Tearsheet Outlier members.
Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account