Current Launches Platform API; Collaborates with Plaid to Deliver Secure, Open Finance Solutions

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May 10, 2022, 09:07 ET

Integration gives Current's nearly four million members access to more than 6,000 apps powered by Plaid

NEW YORK, May 10, 2022 /PRNewswire/ -- Current, a leading U.S. financial technology platform serving Americans working to create a better future for themselves, today announced the launch of its platform API, built to facilitate seamless integrations and embedded banking experiences. Plaid, the API-first data network powering the digital financial ecosystem, is the first-ever partner and will provide Current members access to a credential-less open finance experience.

Current's platform API enables other fintechs to build embedded experiences, making this a groundbreaking integration that opens the door for countless additional opportunities. As the first partner to integrate, Plaid will provide Current's nearly four million members expanded access to innovative digital financial tools and solutions to help them manage their money seamlessly, securely and provide them access to more experiences that can improve their financial outcomes.

"Our new platform API gives open banking partners the capability to embed our core banking technology. We're thrilled to be working with Plaid, the industry leader in open banking, as our first partner," said Trevor Marshall, Chief Technology Officer at Current. "We enabled this integration in response to feedback from our members. With Plaid, our members can access experiences that can help improve their financial lives with control and security."

Current members can now easily connect their account to thousands of other fintech apps, including digital payments, financial planning, and investment tools, on the Plaid network. The rapid integration was made possible by Current's API and leverages phone number and device authentication, which eliminates reliance on banking credentials from the ecosystem and provides a frictionless customer experience.

Current is one of the most requested fintech apps when users connect their accounts to digital financial services in Plaid Link. Current chose Plaid as its first API partner because of its strong industry reputation as being a secure, reliable open finance leader that has built integrations with more than 12,000 financial institutions, including neobanks and fintechs.

"Millions of Current members will now have secure access to the more than 6,000 apps and services powered by the Plaid network through our open finance partnership," said Raja Chakravorti, Partnerships Lead, Universal Access at Plaid. "We're thrilled to enable a simple, secure on-ramp to digital financial services for Current members, who are often banking for the first time in their lives. The integration ensures that consumers are in control of where and how their financial data is permissioned and shared, information that is essential to setting up a healthy financial life."

About Current
We are a leading U.S. financial technology platform serving the needs of Americans who are working to create a better future for themselves. Our mission is to enable members to change their lives by creating better financial outcomes. Leveraging the best technology, we deliver inspirational and motivational products as we all move forward in a world of increasing digitization and complexity. 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 Andreessen Horowitz, Tiger Global Management, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital, Wellington Management, QED Investors and EXPA.

About Plaid
Plaid is a data network that powers the tools millions of people rely on to live a healthier financial life. Plaid works with thousands of companies like Venmo, SoFi, and Betterment, several of the Fortune 500, and many of the largest banks to make it easy for people to connect their financial accounts to more than 6,000 apps and services they want to use. Plaid's network covers more than 12,000 financial institutions across the US, Canada, UK and Europe. Headquartered in San Francisco, the company was founded in 2013 by Zach Perret and William Hockey.

Media Contacts
Current - Carly DeBeikes - [email protected]
Plaid - Kelly Reilly - [email protected]

SOURCE Current