Current, a New York based startup has announced that Fifth Third Capital, joined the recently announced Series A funding, led by QED Investors.
Current’s platform enables teens to connect their money with brands, experiences and the people they value. Through a mobile app, linked to a debit card, existing Current users can build upon their digital and financial identity.
Stuart Sopp, Current founder and CEO, stated: “We believe the currency of the future will be digital and social, and Gen-Z is proving to be the most socially responsible and financially savvy generation of teenagers. It seems silly to ask them to follow the same, largely paper-based financial journey as their parents when they have immediate access to more tools and information they any generation before them.
“This strategic investment from Fifth Third validates our mission to give teenagers the freedom and flexibility to make the best financial decisions for them with the support of their friends and family.”
There are approximately 30 million teenagers in the US. Current believes that teenagers are approaching money very differently than previous generations before them, and thus need the appropriate tools to support them. Current provides teenagers with financial independence, allowing them to have control over their spending, budget and conduct many other banking tasks.
Vanessa Indriolo Vreeland, head of acquisitions and strategic investments for Fifth Third Capital, added: “Current’s approach addresses an unmet need as the digitisation of payments becomes increasingly popular with this young demographic.
“Fifth Third has a commitment to educating kids from an early age about how to manage their finances. Current helps guide parents as they teach their teens how to spend, save and give, all within a well-designed platform. It’s a natural fit for us to invest in this young and promising company.”
Current works with teenagers to re-envision banking because they are mobile-first, and have no preconceptions about traditional banking or digital currency.