Member Exclusive, New banks

Challenger bank Current rolls out brick and mortar cash deposits

  • Current serves people who live paycheck to paycheck.
  • Based on user feedback, it's making it easier for its clients to deposit money.
close

Email a Friend

Challenger bank Current rolls out brick and mortar cash deposits

Current CEO Stuart Sopp is speaking at Tearsheet’s upcoming Challengers Conference.

Current members can now make cash deposits to their bank accounts at major brick-and-mortar retail chains across the country. Current serves individuals underserved by the current banking system.

The big idea: The ability to make cash deposits was the most-requested product feature according to a recent survey conducted with Current’s 1.4 million members.

  • This new feature will enable Current members to deposit cash to their accounts at 7-Eleven, Dollar General, and Family Dollar.
  • This cash deposit solution is powered by InComm’s VanillaDirect platform, which delivers a barcode via the Current mobile app that users scan at the register of participating VanillaDirect retailers to instantly deposit cash to their accounts.
  • Handling over $50 billion in annual transactions for global brands, InComm recently said it would power Venmo and PayPal QR-code contactless payments in CVS stores.
  • Current focuses on providing its audience with what it deems are customer-friendly banking products.

SPONSORED

Bridging online and offline: Current has experienced record growth in 2020, surpassing one million members less than a year and a half since the launch of its personal checking accounts.

  • Current expects to surpass two million members by the end of this year.
  • This feature is now available to all Current customers and will roll out to approximately 60,000 participating retail locations in the VanillaDirect network by the end of 2020.

“Over 130 million people in this country live paycheck to paycheck and are not being properly served by traditional banks built on legacy infrastructure,” said Stuart Sopp, CEO and founder of Current.

“Our rapid growth speaks to the demand for alternative banking solutions and we are committed to helping provide all Americans better access to their money, including the ability to deposit cash to their Current accounts. InComm’s technology is the perfect fit for our members who wish to conveniently and reliably digitize their cash.”

0 comments on “Challenger bank Current rolls out brick and mortar cash deposits”

Outlier OpinionsMakers

New banks

Banking software providers are helping their clients go digital

  • Small banks and credit unions need to digitize to compete in an evolving industry.
  • Experts say open banking is the way to go.
Shehzil Zahid | May 11, 2021
New banks

‘Our sweet spot is healthcare’: Laurel Road for Doctors takes niching down one step forward

  • The demand for personalized digital banking products is booming.
  • And with that, companies like Laurel Road and KeyBank may need to figure out a way to become niche ninjas.
Rivka Abramson | May 10, 2021
New banks

Challenger bank Fortú targets Latinos in the U.S.

  • Fortú serves the underbanked and unbanked Latino communities in the U.S.
  • The digital bank uses the Galileo payments platform.
Ismail Umar | May 06, 2021
New banks

As gig work tops $1 trillion in the U.S, workers demand more real time payouts

  • Pandemic related loss of income has spurred an increased interest in gig economy work.
  • Branch and Marqeta’s report shows that 94 percent of gig workers associate faster payouts with financial security.
Rimal Farrukh | May 05, 2021
New banks

As it prepares to go public, MoneyLion is growing quickly, reducing losses

  • Challenger bank MoneyLion grew its revenue by 32 percent, reaching $79.4 million for the full year of 2020, according to its latest earnings report.
  • The fintech is tapping into the cryptocurrency world through its partnership with digital asset platform ZeroHash.
Rimal Farrukh | April 30, 2021
More Articles