Mobile banking app Current, which began as a teen debit card controlled by parents, expanded to offer personal checking accounts earlier this year. Now the company says it has grown to host over 500,000 accounts on its service and has closed on $20 million in Series B funding to further its growth.
While the teen checking account users have an average of 15, the average age for the new personal checking account users is 27. This puts Current in a more competitive market, where a number of banking apps are now targeting a younger, more mobile generation who begun to favor modern, feature-rich apps over brick-and-mortar banks. Among its rivals are apps like Step, Cleo, N26, Chime, Simple, Stash, and others.
Both of Current’s products include a Visa co-branded debit card tied to the Current account. Along with the funding, Current and Visa are also announcing an expanded joint marketing partnership, which will help Current reach new customers.