(Reuters) – Venture capital firm Andreessen Horowitz led a $220 million investment in Current at a valuation of $2.2 billion, the fintech startup said on Tuesday, which will be used to expand its product portfolio, including crytocurrencies.
Current’s valuation has now tripled from its last funding round in November, when it was valued around $750 million.
Venture capital firms are betting big on fintechs which saw a boost in business last year, sparked by the COVID-19 pandemic as more people shifted to transacting online.
Earlier this year, digital payments giant Stripe became the most valuable private startup in the United States, with a valuation of $95 billion.
Current is a digital bank that provides banking services including account opening, debit-card transactions and mobile banking, among others.
Besides Andreessen, which is a new investor, existing investors including Tiger Global Management, Sapphire Ventures, and TQ Ventures also participated in the round.
Current also has a partnership with YouTube creator and philanthropist Jimmy Donaldson, also known as MrBeast.
The startup, founded in 2015, has more than three million users, it said, up from 1 million in June.
The company’s popularity soared last year during the pandemic as it processed stimulus payments quickly, setting it apart from traditional banks.
Current has now raised over $400 million to date, it said.
(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)
