US-based personal finance application Current is setting its sights on achieving profitability by 2025, having secured $200 million in new funding following a remarkable 90% surge in revenue over the past year.
The recent funding round saw continued investment from established backers such as Andreessen Horowitz, Wellington Management, and Avenir, along with fresh participation from General Catalyst and Cross River.
Founded by former Wall Street executive Stuart Sopp, Current initially introduced a family-oriented debit card designed for parents to manage their children’s spending. The company has since evolved to cater to the one-third of Americans living paycheck to paycheck, providing a range of services that include savings pods, a dynamic secured charge card linked to customer spending balances, and access to earned wages.
“Millions of Americans are challenged by the need for affordable liquidity and credit options,” Sopp stated. “Our exceptional growth in the market underscores Current’s unique capacity to create integrated solutions that meet these requirements, making them accessible to all. This new funding allows us to efficiently expand these offerings, enabling higher limits for our earned wage access product for more individuals and positioning our company for sustainable success, with a target of profitability in 2025.”