After raising $5m last year, the banking app has now doubled its secured funding with its newest investor.
Current, the mobile-banking platform for Generation Z’ers, has announced today that Fifth Third Capital has joined its 2017 Series A fundraising round. Initially launched in October last year, the round was led by QED Investors with additional support from Cota Capital.
The platform had revealed to AltFi that it expected to announce new investment in December, so today’s news represents a slight delay in the funding coming to fruition. The banking start-up’s total funds raised now stand at $10m.
Current is building a mobile digital bank aimed solely at families. Parents can sign up to give their teenagers their first bank account, built entirely into their mobile phone. Thereafter they can remotely view spending insights to keep track of their teens’ financial activity, and top up the accounts by linking any traditional bank account to the Current app.
Founded in 2015, Current’s early development was backed by Expa and Human Ventures. The bank brought its first product – a Student Current Account, complete with banking app and debit card – to market in May last year.
"We believe the currency of the future will be digital and social, and Gen-Z is proving to be the most socially responsible and financially savvy generation of teenagers. It seems silly to ask them to follow the same, largely paper-based financial journey as their parents when they have immediate access to more tools and information they any generation before them," said Current Founder and CEO Stuart Sopp.
"This strategic investment from Fifth Third validates our mission to give teenagers the freedom and flexibility to make the best financial decisions for them with the support of their friends and family."
When previously speaking to AltFi, Current’s David Lowey revealed the focus on teens had been a “strategic decision” on the part of the mobile-banking platform.
He added: “We saw an opportunity to work with a customer demographic that had never been exposed to traditional banking, an untouched audience that is open to and interested in a pretty different financial experience than previous generations.”