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ISSUE – Nov. 25 | Mobile banking app Current raises $131M Series C, tops 2 million members

U.S. challenger bank Current,  which has doubled its member base in less than six months, announced this morning it raised $131 million in Series C funding, led by Tiger Global Management. The additional financing brings Current to over $180 million in total funding to date, and gives the company a valuation of $750 million. The round also brought in new investors Sapphire Ventures and Avenir. Existing investors returned for the Series C, as well, including Foundation Capital, Wellington Management Company and QED. Current began as a teen debit card controlled by parents, but expanded to offer personal checking accounts last year, using the same underlying banking technology. The service today competes with a range of mobile banking apps, offering features like free overdrafts, no minimum balance requirements, faster direct deposits, instant spending notifications, banking insights, check deposits using your phone’s camera and other now-standard baseline features for challenger banks. [ Tech Crunch ]

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