Current becomes first fintech to receive government stimulus payments

Mobile bank also received payments five days faster than traditional banks in April

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Dec 30, 2020, 07:00 ET

NEW YORK, Dec. 30, 2020 /PRNewswire/ -- C urrent, a leading U.S. challenger bank serving Americans overlooked by traditional banks, announced it was the first fintech in the country to receive the second round of government stimulus payments.

Current received the payments before 9 p.m. ET on Tuesday, less than three hours after the U.S. Treasury announced the funds were being issued, and is making all funds fully available to all members immediately, as part of its mission to improve financial outcomes.

"We're proud to once again be the first fintech in the country to credit the stimulus funds, especially at a time when many Americans are hurting for cash more than ever," said Stuart Sopp, Current CEO and Founder. "We will be making all funds fully available to all members immediately. Nearly two thirds of the stimulus funds were spent within five days in April, mostly on life's essentials, and we expect our members to spend the money in a similar way."

When the first round of stimulus payments was issued in April with passage of the CARES Act, Current was the first fintech in the country to credit the payments, which was five days faster than traditional banks, and also credited all member accounts immediately. Most of the money was spent on life essentials such as food/groceries, gas and paying back friends and family.

About Current
We are a leading U.S. challenger bank serving the needs of Americans who have been overlooked by traditional banks. We have a mission to improve financial outcomes and a commitment to providing our members faster and better access to their money with early direct deposits, free overdraft, points for cash back and access to free ATMs nationwide. Our proprietary Current Core technology allows us to provide banking services without overdraft fees, minimum balance requirements, or hidden fees. To learn more about us, visit http://www.current.com or download our app on the App Store or Google Play.

Current is backed by investments from Tiger Global Management, Sapphire Ventures, Avenir, Foundation Capital, Wellington Management Company, QED Investors, EXPA and Elizabeth Street Ventures.

Media Contact:
Erin Bruehl
Director of Communications, Current
[email protected]

SOURCE Current