Current, the platform enabling teens to connect their money with the people, brands and experiences they value, today announced that Fifth Third Capital, a direct equity investment subsidiary of Fifth Third Bancorp (NASDAQ: FITB), joined the recently announced Series A funding, led by QED Investors.
Through an intuitive mobile application linked to a physical debit card, Current empowers teens with responsibility now to build a strong identity for a brighter future.
"We believe the currency of the future will be digital and social, and Gen-Z is proving to be the most socially responsible and financially savvy generation of teenagers. It seems silly to ask them to follow the same, largely paper-based financial journey as their parents when they have immediate access to more tools and information they any generation before them," said Current Founder and CEO Stuart Sopp. "This strategic investment from Fifth Third validates our mission to give teenagers the freedom and flexibility to make the best financial decisions for them with the support of their friends and family."
With approximately 30 million teenagers in the United States, and five million more aging into the demographic each year, teens are approaching money, transactions and value differently than previous generations before them. Current is working with teenagers to re-envision banking because they are mobile-first, and have no preconceptions about traditional banking or digital currency. Teenagers are frequently leading the household conversation about the future of finance, helping their parents, siblings and friends embrace influence, peer reviews, money and crypto: the currencies of the future.
"Current's approach addresses an unmet need as the digitization of payments becomes increasingly popular with this young demographic," said Vanessa Indriolo Vreeland, head of acquisitions and strategic investments for Fifth Third Capital. "Fifth Third has a commitment to educating kids from an early age about how to manage their finances. Current helps guide parents as they teach their teens how to spend, save and give, all within a well-designed platform. It's a natural fit for us to invest in this young and promising company."
Current gives families access to the benefits of a connected financial world to empower the next generation of earners. Teens appreciate the independence Current provides them, with control over spending, the ability to check their balance at any time, and built-in tools that help them save. Parents value the convenience of Current, including instant transfers, automated allowance, and chores, as well as visibility into their teenagers' activity and a suite of parental controls.