Fintech Insider Podcast by 11:FS
925. News: Current eyes profitability, VRPs, and who's on Santa's fintech naughty list?
Dec 23, 2024
This lively conversation features Fliss Berridge, UK Managing Director of Ordo, Emily Nicolle, Crypto and Fintech Reporter at Bloomberg, and Trevor Marshall, CTO of Current. They dive into Current's impressive $200 million fundraising aimed at boosting profitability. The launch of an open banking solution for real-time payments garners attention. The discussion also tackles the challenge of rising card fees from Visa and Mastercard, and in a fun twist, they reveal who's made Santa's fintech naughty or nice list, adding some holiday cheer!
54:20
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Quick takeaways
- Current's $200 million fundraiser aims for profitability by enhancing services like earned wage access and catering to paycheck-to-paycheck Americans.
- Ordo, alongside Eviden and ByzGen, launches a solution for variable recurring payments, revolutionizing bill payments through open banking integration.
Deep dives
Current's Impactful Fundraising
Current, a US personal finance app, has successfully raised $200 million to expedite its path to profitability, targeting a goal of achieving this by 2025. Founded with the aim to assist Americans living paycheck to paycheck, Current offers a range of banking services including savings pods and a secured charge card. The substantial fundraising will support further development of their products, particularly their earned wage access feature, which provides customers easy access to their earned wages prior to conventional paydays. This strategic move is crucial as Current aims to capitalize on its impressive 90% revenue surge over the past year, essentially achieving product market fit.
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