October 30, 2019
Current: Banking for modern life
Americans lead vastly different lives, with different dreams and different challenges. Why don’t their personal banking products reflect that?
That’s the question that prompted Stuart Sopp to found Current, a financial management platform that reflects how people earn, spend, and save today. The company offers flexible personal checking accounts, faster direct deposits, and a teen banking product—all without the fees that, too often, keep people from achieving their financial goals.
“Everyone should have the opportunity to improve their situation in life,” said Current CTO Trevor Marshall. “By offering these affordable financial services, we are helping Americans whom other banks have left behind."
To fund a new account, Current’s customers must link one of their other bank accounts. Initially, they had to do it with microdeposits, but the process wasn’t a good experience. The results were lower conversion rates and fewer customers for Current.
At the same time, they had to figure out how to keep bad actors out of their system. To address these problems, Current partnered with Onfido and Plaid.