Funding round
Current Series D
Current, which works in mobile banking platform development in New York, raised $220M in a Series D round announced on 27 Apr 2021, led by Andreessen Horowitz, at a $2.20B post-money valuation. 8 firms took part, 7 of them already investors. It is Current's fifth venture round on record; the one before was a Series C in Nov 2020.
$220M
Amount raised
$2.20B
Post-money valuation
$1.98B pre-money
8
Investors
1 lead
2.9x
Step-up from the Series C
$750M in Nov 2020
10%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Current at $2.20B after the new money, 2.9 times the $750M of its Series C (Nov 2020). The $220M bought investors about 10% of the company. It came 5 months after Current's Series C. It is 33% of the $675M Current has raised in the venture rounds on record. Current raised again 44 months later: a Growth round of $200M in Dec 2024. Its next priced round, a Series E in Jun 2026, valued it at $1.50B.
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 24 Nov 2020, led by Tiger Global $131M$750M post-money
- Series D this round 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
Andreessen Horowitz led the round with 7 other firms. Tiger Global, TQ Ventures, Avenir and Sapphire Ventures and 3 more had backed Current before.
Lead investor
- Andreessen Horowitz backs 722 venture-backed companies new investor
Also in the round
- Tiger Global backs 391 venture-backed companies existing investor
- backs 71 venture-backed companies existing investor
- backs 42 venture-backed companies existing investor
- Sapphire Ventures backs 148 venture-backed companies existing investor
- Foundation Capital backs 144 venture-backed companies existing investor
- Wellington Management existing investor
- backs 46 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time, other companies' Series D rounds in Banks & ATMs:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Starling Banks & ATMs | 8 Mar 2021 | $377M | not disclosed | Fidelity Management & Research Company (Fidelity) |
| Solaris Banks & ATMs | 26 Jul 2021 | $224M | $1.65B | Decisive Capital Management |
| Varo Banks & ATMs | 3 Jun 2020 | $241M | not disclosed | Gallatin Point Capital and TPG |
| Banks & ATMs | 10 Mar 2022 | $77M | $2.00B | Heartland Ventures |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Current raise in its Series D round?
Current raised $220M in its Series D round, announced in Apr 2021.
Who led Current's Series D round?
Andreessen Horowitz led it, with Tiger Global, TQ Ventures, Avenir, Sapphire Ventures and Foundation Capital and 2 more.
What was Current's valuation at the Series D round?
$2.20B post-money ($1.98B pre-money).
Did Current raise again after this round?
Yes: a Growth round in Dec 2024 of $200M.