Funding round
Current Series C
Current, which works in mobile banking platform development in New York, raised $131M in a Series C round announced on 24 Nov 2020, led by Tiger Global, at a $750M post-money valuation. 6 firms took part, 3 of them already investors. It is Current's fourth venture round on record; the one before was a Series B in Oct 2019.
$131M
Amount raised
$750M
Post-money valuation
$619M pre-money
6
Investors
1 lead
17%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Current at $750M after the new money. The $131M bought investors about 17% of the company. It came 13 months after Current's Series B. It is 19% of the $675M Current has raised in the venture rounds on record. Current raised again 5 months later: a Series D round of $220M in Apr 2021, at $2.20B post-money.
Current's funding rounds
Current has 7 venture rounds on record. This one is highlighted.
- Seed 1 Mar 2017 $3.6M
- Series A 1 Oct 2017 $20M
- Series B 24 Oct 2019 $20M
- Series C this round 24 Nov 2020, led by Tiger Global $131M$750M post-money
- Series D 27 Apr 2021, led by Andreessen Horowitz $220M$2.20B post-money
- Growth 13 Dec 2024 $200M
- Series E 11 Jun 2026, led by Springcoast Capital Partners $80M$1.50B post-money
Investors
Who put money in
Tiger Global led the round with 5 other firms. Foundation Capital, Wellington Management Company and QED Investors had backed Current before.
Lead investor
- Tiger Global backs 391 venture-backed companies new investor
Also in the round
- Sapphire Ventures backs 148 venture-backed companies new investor
- backs 42 venture-backed companies new investor
- Foundation Capital backs 144 venture-backed companies existing investor
- Wellington Management Company existing investor
- QED Investors backs 160 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, sales and marketing, scaling operations and working capital.
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
7 Series C rounds in Banks & ATMs within a year either side disclosed an amount; the median was $75M, and this round was 1.7 times the median. The closest in time, other companies' Series C rounds in Banks & ATMs:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Banks & ATMs | 23 Oct 2020 | $47M | not disclosed | not named |
| Banks & ATMs | 8 Mar 2021 | $75M | not disclosed | Allianz X |
| Banks & ATMs | 27 Apr 2021 | $100M | not disclosed | General Catalyst |
| Solaris Banks & ATMs | 30 Jun 2020 | $67M | $360M | HV Capital |
| Cross River Banks & ATMs | 27 Apr 2020 | $100M | not disclosed | not named |
| Banks & ATMs | 16 Sep 2021 | $20M | $120M | not named |
| WeLab Banks & ATMs | 12 Dec 2019 | $156M | not disclosed | Alibaba Entrepreneurs Fund and China Construction Bank International |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Current raise in its Series C round?
Current raised $131M in its Series C round, announced in Nov 2020.
Who led Current's Series C round?
Tiger Global led it, with Sapphire Ventures, Avenir, Foundation Capital, Wellington Management Company and QED Investors.
What was Current's valuation at the Series C round?
$750M post-money ($619M pre-money).
How does it compare with other Series C rounds in Banks & ATMs?
7 Series C rounds in Banks & ATMs within a year either side disclosed an amount; the median was $75M, and this round was 1.7 times the median.
Did Current raise again after this round?
Yes: a Series D round in Apr 2021 of $220M at $2.20B post-money.