PYMNTS-MonitorEdge-May-2024

Today In Digital-First Banking: Current Raises $220 Million; Step Lands $100 Million

Today In Digital-First Banking: Current Raises $220 Million; Step Lands $100 Million

In today’s top news in digital-first banking, Current raised $220 million in an Andreessen Horowitz-led Series D investment round, while Step has raised $100 million in Series C funding. Plus, Barclays is working with Amount to provide point-of-sale financing options.

Neobank Current Notches $220 Million At $2.2 Billion Valuation

Current, the New York financial technology upstart, notched $220 million in an Andreessen Horowitz-led Series D investment round that triples the firm’s valuation to $2.2 billion. The newest investment brings the FinTech’s funding to over $400 million. “Getting ahead is more important than ever to this generation,” Current Founder and CEO Stuart Sopp said in a press release. “Building products that solve your members’ financial needs now and have the potential to grow with them is as important as building a brand that is relatable.”

Teen Banking Startup Step Takes In $100 Million In Series C Funding

Financial technology banking upstart Step has landed $100 million in Series C funding. The round, which was headed up by General Catalyst, attracted some high-profile investors. Step markets itself as a service geared toward teens and families. Users receive access to a free, FDIC-backed bank account, P2P payments platform and a spending card. “Additionally, Step is the only banking platform that enables teens to start building a positive credit history before they turn 18 and does not charge fees of any kind,” the company said in a release.

Barclays Partners With Amount For Point-Of-Sale BNPL Solution

Barclays will join the ranks of the first major banks in America to provide point-of-sale financing options via a new collaboration with Amount, the digital banking platform. “Nearly one-third of U.S. consumers have already used a buy now, pay later service, and the demand is expected to continue to grow,” Denny Nealon, CEO of Barclays US Consumer Bank, said in a press release. Barclays said it chose Amount because of the firm’s “proven technology” and “deep knowledge of digital financial services.”

PYMNTS-MonitorEdge-May-2024