Current is a bank designed to meet the needs of users of the millennial and Z generations (born in the second half of the 1990s and beyond), and has just received 20 million investments from Galaxy Digital EOS VC Fund, Wellington Management Company, CMFG Ventures, etc. US dollar B round of financing.
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Headquartered in New York, the company provides banking services to young professionals, teenagers and their parents. Current was originally a debit card issuer for teenagers, and in early 2019 it opened a personal checking account with features such as faster direct deposits.
Raise funds of $45 million
Current announced the news in a blog post on October 24th detailing its investment in the B round of financing from Galaxy Digital EOS VC Fund, asset management firm Wellington Management Company and CUNA Mutual Group's venture capital arm CMFG Ventures. The person raised $20 million.
The bank also received new funding from venture capital firm QED Investors, startup studio Expa, which is helping entrepreneurs create and launch new companies, and early investment firm Elizabeth Street Ventures.
In addition to fundraising announcements, Current also revealed a partnership with payment giant Visa to expand its user base. According to a company statement, the company has so far raised a total of $45 million in funding, attracting more than 500,000 customers. Its goal is to increase this number to 1 million by mid-2020.
Sam Englebardt, co-founder of Galaxy Digital, said:
“In the highly competitive new banking market, Current stands out by focusing on providing modern homes with better financial tools and the ability to meet their underserved financial tools.”
About Galaxy Digital EOS VC Fund
In January 2018, EOS development company Block.one announced the establishment of the EOS eco-fund, Galaxy Digital EOS VC Fund, with the billionaire Mike Novogratz's digital asset commercial bank, Galaxy Digital, with a scale of $325 million.
In December 2018, the US New Bank platform Good Money raised $30 million in investment in Series A financing, led by Galaxy Digital EOS VC Fund.
In late September 2019, the Galaxy Digital EOS VC Fund also participated in the $15 million financing of Sydney blockchain gaming startup Immutable. Other investors include Sydney-based venture capital firm Reinventure and US private investment firm Apex Capital and Chinese Internet giant Tencent's largest shareholder, Naspers.
Other recent investments in the industry
In October, a series of significant investments were made worldwide, and Swiss cryptocurrency broker Bitcoin Suisse acquired CoinRoutes, a provider of pan-trading smart order routing and algorithmic trading software, for $3 million. The encryption investment and infrastructure platform Layer1 received $50 million in investments from a number of industry stakeholders in Series A financing.
This month, the blockchain privacy network NuCypher was led by venture capital firm Polychain Capital, and more than 10 companies including Y Combinator, Bitland, Bitfury, Arrington XRP Capital, and Notation Capital, with a total investment of $10.6 million.
Similarly, Ripple's investment division and technology incubator Xpring invested in Swedish cryptocurrency self-hosting startup Towo Labs to build hardware wallet firmware.