Current, a New York-based US challenger bank that provides collaborative banking solutions, as per recent reports, is seeing strong growth among adults in the US.
Current, which initially embarked on its journey with the teenager prepaid card offerings, has come a long way since. Following, the bank’s recent addition of the adult current account earlier this year, the New York-based fintech has now over 400,000 active accounts.
The fintech, with its Slack-integrated offering, is a massive hit among the gig economy workers. Opening an account with Current comes with its own set of benefits such as access to wages two days earlier, instant payments, an Insights feature and Savings Pods, which inculcate saving habits among customers to help them achieve certain specific goals.
The bank’s “Current Visa card” is being issued by the Metropolitan Commercial Bank and Choice Financial Group.
“Building on the success of our teen banking product, we’ve seen tremendous growth,” states Stuart Sopp, CEO, Current. “The new personal checking account allows us to grow with our users.”
“Traditional banks have high fixed costs and overheads. Unless you have a lot on deposit you aren’t a valuable customer, so they pass their cost to you. At Current, we built a new bank from the ground up and the cost savings are passed onto our customers,” adds Stuart.