Galaxy Digital joins $20M investment in Current, a bank for millennials

Current, a bank designed with the needs of millennials and Generation Z users in mind, just secured a $20 million Series B backed by Galaxy Digital, Wellington Management Company, CMFG Ventures, and others.

Based in New York, the company provides banking services to young professionals, teenagers, and their parents. Current began as a debit card issuer for teens before launching personal checking accounts in early 2019 with features like faster direct deposits.

Along with the fundraising announcement, Current also revealed a partnership with payments giant Visa to expand its user base. The firm has so far raised a total of $45 million and attracted over 500,000 customers, according to a company statement. It is aiming to boost that number to 1 million by mid-2020.

“In a competitive neobank market, Current stands out for its focus on delivering better outcomes for the modern family, by empowering them with the financial tools to meet their underserved needs," said Galaxy Digital co-founder Sam Englebardt.