The current landscape of the payments industry is a constantly expanding one pertaining to its substantial shift into digital platforms. This shift is exponentially raising…
More American parents turning to Current as their teen’s first bank account
Mobile-first teens making shift from cash to app-based digital banking
NEW YORK, – Current, which offers a debit card and app for teens, is helping American families give teens a head start on financial success. The company, which launched in May 2017, announced today that it had reached 200,000 users. Current has staked out a leadership position in the field of financial apps with companion debit cards for teenagers. Support for the New York-based fintech includes funding from high-growth investors including QED Investors, Expa, Cota Capital and Human Ventures.
Of the growing list of digital-only, branchless banks —including Chime, Revolut, Acorns, n26 — Current is the only company focusing on the under-18 year-old market.
“We launched Current believing that Gen-Z was the perfect cohort to work with to build the bank of the future,” said Sopp. “Our rapid growth to date validates that decision.”
The Current app, available on iOS and Android devices, is driving behavior change and learning among the company’s teenage customers. The decidedly mobile-first generation adapts to technology very quickly, and digital payment plugs them into the fastest-growing parts of the economy, including online and in-app purchases, on-demand services and digital subscriptions.
Tools for saving, including savings goals and round-ups, help teens budget and form good financial habits. Teens can also earn money for tasks and chores, and the company will soon be adding direct deposit to meet the needs a generation that hustles to earn money and is already contributing to the growth of the gig economy.
“Current meets a need for busy parents who are looking for a convenient way to handle money, as well as a hands-on learning tool for their teenagers,” said Current founder and CEO Stuart Sopp. “As parents look for alternatives to feature-light, fee-intensive traditional student bank accounts, more and more are choosing Current as the first bank account for their teenagers.”