Current, a New York-based consumer fintech, has raised $80 million in a Series E funding round led by Springcoast Partners, who will join the company’s board of directors. 

The investment values Current at $1.5 billion, down from its previous $2.2 billion valuation achieved during its Series D in 2021. The financing follows a $200 million round at the end of 2024 backed by Avenir, Andreessen Horowitz, and Wellington Management.

Alongside the Series E, Current has revealed that it has expanded its financing partnership with Cross River, stating it is “increasing the company’s capacity to scale its liquidity and credit products”. Furthermore, Current has also “expanded and extended” its existing multi-year commitment from General Catalyst’s Customer Value Fund.

The round arrives as Current works toward profitability in 2026, a critical milestone as the fintech prepares for a potential public listing. The company’s CEO and co-founder, Stuart Sopp, notes that this investment “reflects confidence in the strength of our business” as the firm progresses toward “public market readiness”.

Related:ICYMI fintech funding round-up: Blnk, Trustap, Finovox, and more

Founded in 2015, Current claims to serve “millions of Americans with products designed to help them access liquidity, manage cash flow, build savings, and improve their financial outcomes”. The platform offers early wage access, credit cards, savings tools, cryptocurrency trading, peer-to-peer transfers, money management tools, and more.

The new capital has been earmarked to support continued development and scaling of Current’s product range, while also funding advancement in AI-powered financial services.