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Fin-tech start-up raises funds to expand product portfolio, crypto-currencies

The fin-tech start-up has more than three million users, it said, compared with one million in June. It surged in popularity last year as it processed stimulus payments quickly, setting it apart from traditional banks

Fin-tech start-up – Current, in a funding round led by venture capital giant – Andreessen Horowitz, has raised $220 million that lifted its valuation by three-fold to $2.2 billion.

On Tuesday, the New York-based fin-tech start-up said in a statement that it planned to use the funds for expanding it product portfolio that includes crypto-currencies.

Stuart Sopp, founder and CEO of the fin-tech start-up said that Current will look to be ready to go public in the next few years but at present the company has no immediate plans to consider a stock market listing.

After the COVID-19 pandemic drove a surge in online transactions last year, venture capital firms are betting big on fin-tech firms.

Digital payments giant – Stripe, earlier in 2021, with a valuation of $95 billion, became the most valuable start-up in the US.

The fin-tech start-up, founded in 2015, is a digital bank, providing services like account opening, debit-credit transactions and mobile banking.

The fin-tech start-up has more than three million users, it said, compared with one million in June. It surged in popularity last year as it processed stimulus payments quickly, setting it apart from traditional banks.

Its latest funding round also included existing investors – Tiger Global Management, Sapphire Ventures and TQ Ventures and took the total amount raised by the company so far to $400 million.

Current, which was valued at around $750 million in its last funding round in November, has a partnership with YouTube creator and philanthropist Jimmy Donaldson, also known as MrBeast.

Also read:Robots becoming an important part of the marketing industry

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khushbu
Khushbu Sonihttps://www.cionews.co.in
Chief Editor - CIO News | Founder & CEO - Mercadeo

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