App-Controlled Bank Current Raises $20M From Galaxy Digital and Others

Current, an online bank that allows app-controlled Visa debit cards and personal checking accounts supervised by parents, has secured $20 million from a group of investors, including Galaxy Digital EOS VC Fund.

Reaching $45M in fundraising

Current announced the news in an Oct. 24 blog post, detailing that it had raised $20 million in a Series B round from investors including Galaxy Digital EOS VC Fund, asset management company Wellington Management Company and CUNA Mutual Group’s venture capital arm CMFG Ventures.

The bank also saw renewed financial support from venture capital firms QED Investors,  startup studio for entrepreneurs to create and launch new companies Expa and early-stage investment firm Elizabeth Street Ventures.

With the latest contribution, Current reached a total of $45 million in investment, while the number of accounts registered with the bank broke the 500,000 threshold.

Recent industry-wide investments

In late September, Galaxy Digital EOS VC Fund also participated in a $15 million funding round for Immutable, a Sydney-based blockchain gaming startup. Other investors also included Sydney-based VC firm Reinventure and American private investment firm Apex Capital, as well as Naspers, the largest shareholder of Chinese Internet giant Tencent.

October has seen an array of notable industry-wide investments, as Swiss crypto broker Bitcoin Suisse acquired a $3 million share of CoinRoutes Inc., a provider of pan-exchange smart order routing and algorithmic trading software. Crypto investment and infrastructure platform Layer1 secured $50 million from a number of industry stakeholders in a Series A funding round.

Similarly, Xpring, Ripple’s investment arm and tech incubator, invested in Swedish cryptocurrency self-custody startup Towo Labs to build hardware wallet firmware.