A self-built banking core plus direct Visa processing, used to bundle liquidity products (Paycheck Advance, fee-free overdraft, the Build card) for paycheck-to-paycheck Americans; AI is described as infrastructure for personalisation and risk, not as a named assistant.
How is Current using AI?
Current has no named AI assistant; its AI story runs through Current Core, the banking ledger it built in-house and connected directly to Visa, which it says powers personalised experiences and risk decisions. The New York fintech raised $80 million in June 2026 at a $1.5 billion valuation, 38% below its 2021 peak, and said part of the money will fund AI-powered financial services. It had 6 million customers in November 2025; Choice Financial Group and Cross River Bank hold its accounts.
Category
Neobank
Founded
2015
Headquarters
New York, United States
Licence and supervision
Not a bank: Finco Services, Inc. is a financial technology company whose banking services are provided by Choice Financial Group and Cross River Bank (Members FDIC), with FDIC pass-through insurance on member deposits; the Build secured charge card is issued by Cross River Bank. Paycheck Advance is offered through its affiliate Finco Advance LLC. As a nonbank provider of consumer financial products it falls under CFPB jurisdiction.
Scale
6 million customers as of November 2025, according to the company (reported by American Banker, June 2026)
Flagship platform
Current Core (proprietary banking core and AI infrastructure)
AI leadership
Stuart Sopp · Trevor Marshall
- On 11 June 2026 Current raised an $80 million Series E at a $1.5 billion valuation led by Springcoast Partners, which joins the board; Current said the money will fund product innovation, AI-powered financial services and its banking, payments, liquidity and credit offerings.
- American Banker reported that the $1.5 billion valuation is 38% below the $2.2 billion peak of April 2021, citing PitchBook, and that Current had 6 million customers as of November 2025.
- Current is not a bank: banking services are provided by Choice Financial Group and Cross River Bank, Members FDIC, with pass-through deposit insurance, and the Build secured charge card is issued by Cross River Bank.
- The Build card, launched with Cross River in August 2023, is a secured charge card tied to the member's spending balance with no credit check; Current reports on-time payments to Equifax, Experian and TransUnion, and CTO Trevor Marshall has described it as having 100 percent approval rates.
- Current says it has posted three consecutive years of more than 70% growth; in December 2024 it said revenue had risen more than 90% in 2024 and raised $200 million, with Cross River providing warehouse funding for Paycheck Advance and the Build card.
- Current's July 2026 privacy policy lists using 'machine learning, AI, and risk modeling' among the ways it uses member information, and Visa says Current uses Visa Risk Scoring and Visa Advanced Authorization, which reduced false declines.
- The profitability target has moved: in December 2024 Current aimed to reach profitability in 2025; in June 2026 it described itself as advancing toward profitability in 2026.
What is Current Core (proprietary banking core and AI infrastructure)?
Current built its own core banking ledger rather than renting one, and in 2022 connected it directly to Visa's DPS Forward issuer-processing platform, migrating more than four million accounts. The company says its growth has been fuelled by significant investments in technology and AI infrastructure that let it deliver highly personalised financial experiences at scale, and its June 2026 Series E is earmarked partly for AI-powered financial services. Current has not named a customer-facing AI assistant.[8][5][1][2]
What has Current done on AI, and when?
- Jul 16, 2026
Privacy policy names AI uses of member data[11]
Current's updated privacy policy lists 'use machine learning, AI, and risk modeling' among the purposes for which it uses personal information, alongside determining eligibility for its services.
- Jun 15, 2026
A down round from the 2021 peak[2]
American Banker reports the valuation is 38% below the 2021 peak of $2.2 billion (citing PitchBook), that Current had 6 million customers as of November 2025, and that it runs its own banking core and works directly with Visa.
- Jun 11, 2026
Series E: $80 million at $1.5 billion[1]
Springcoast Partners leads the round and takes a board seat; Current expands its financing partnership with Cross River and extends General Catalyst's Customer Value Fund commitment, citing a third consecutive year of more than 70% growth and investment in AI infrastructure.
- Mar 6, 2026
Paycheck Advance terms updated[12]
The terms, offered through affiliate Finco Advance LLC, base eligibility on recurring payroll deposits, require no credit check and exclude residents of Connecticut, Maryland, Nevada, Wisconsin and the District of Columbia.
- Dec 13, 2024
$200 million raised; revenue up more than 90%[3]
Current raises $200 million with General Catalyst's Customer Value strategy and Cross River joining existing backers; Cross River extends warehouse funding for Paycheck Advance and the Build card, and Current targets profitability in 2025.
- Aug 23, 2023
Build card launched with Cross River[4]
Cross River and Current launch a secured charge card on the Visa network, connected to members' spending balance, for Current's more than four million members; Sopp says Current used its core technology to solve the complexity of multiple accounts.
- Oct 20, 2022
Direct move to Visa DPS Forward[5][6]
Current migrates more than four million accounts to Visa's DPS Forward issuer-processing platform on its proprietary core, after signing a long-term agreement with Visa in 2021; Visa later says the migration cut member inquiries by 5% in the first week and gave Current access to Visa Risk Scoring and Advanced Authorization.
- Nov 8, 2021
CTO explains the in-house core[8]
Trevor Marshall tells Banking Dive that Current built its own core banking infrastructure, with a ledger crafted in-house, to control the user experience and offer products such as instant availability of cash loads, no-fee overdrafts and dynamic spending limits.
- Apr 27, 2021
Series D at $2.2 billion[9]
Andreessen Horowitz leads a $220 million Series D that triples Current's valuation to $2.2 billion in five months; Current reports nearly three million members and more than $400 million raised in total.
- Nov 24, 2020
Series C: $131 million, 2 million members[10]
Tiger Global leads a $131 million Series C valuing Current at $750 million; Current says it has more than 2 million members, up from about 500,000 accounts a year earlier, and that revenue grew 500% year on year.
Where does Current use AI today?
| System | What it does | Status | Use case |
|---|---|---|---|
| In-house transaction risk system[7] | CTO Trevor Marshall cites member feedback that Current's 'new transaction risk system' stopped fraud on their accounts as his measure of success; Current has not published how the system works or its loss rates. | In production | Fraud detection |
| Visa Risk Scoring and Advanced Authorization[6] | Since moving to Visa DPS Forward, Current uses Visa's Risk Scoring and Visa Advanced Authorization, which Visa says improved decision-making and reduced false declines. | In production | Third-party & vendor AI |
| AI-driven personalisation[1] | Current says investments in technology and AI infrastructure let it deliver highly personalised financial experiences at scale while maintaining operating leverage; it has not described the models or the products involved. | In production | Generative & agentic AI |
| AI-powered financial services (Series E use of funds)[1][2] | Current says the $80 million Series E will support continued investment in AI-powered financial services alongside banking, payments, liquidity and credit products. | Announced | Generative & agentic AI |
| Member data used for machine learning, AI and risk modelling[11] | The July 2026 privacy policy lists using machine learning, AI and risk modelling among the uses of personal information collected on behalf of Choice Financial Group and Cross River Bank. | In production | Data & privacy |
| Build card: credit building without a credit check[4][14][7] | The Build secured charge card, issued by Cross River Bank, runs on the member's spending balance with no credit check, no interest and no annual fee; Current reports on-time payments to all three bureaus, and its CTO says approval rates are 100 percent. | In production | Fair lending & discrimination |
| Payroll-data eligibility for Paycheck Advance[12][13] | Paycheck Advance (up to $750) is decided on recurring payroll deposits of an amount and frequency Current sets at its discretion, with no credit check; Current has not said whether machine-learning models set the limits. | In production | Credit scoring & underwriting |
Use-case links open the tracker's rules-by-use-case matrix: which documents govern each system type.
What has Current disclosed in numbers?
| Metric | Value | As of |
|---|---|---|
| Customers | 6 million (company figure, as of November 2025)[2] | Nov 30, 2025 |
| Series E | $80 million at a $1.5 billion valuation, led by Springcoast Partners[1] | Jun 11, 2026 |
| Valuation versus 2021 peak | 38% below the $2.2 billion valuation of April 2021 (PitchBook, via American Banker)[2][9] | Jun 15, 2026 |
| Growth | third consecutive year of more than 70% growth (company-stated)[1] | Jun 11, 2026 |
| 2024 revenue growth | more than 90% (company-stated, no base figure)[3] | Dec 13, 2024 |
| December 2024 capital raise | $200 million, including Cross River warehouse funding[3] | Dec 13, 2024 |
| Accounts migrated to Visa DPS Forward | more than four million[5] | Oct 20, 2022 |
| Paycheck Advance limit | up to $750, free within three business days or instant for a fee[13] | Jun 11, 2026 |
“That focus has driven three consecutive years of more than 70% growth, strong unit economics, and a crossing over to profitability.”[1]
Stuart Sopp · Chief Executive Officer and Co-Founder, Current · Jun 11, 2026
“Building our own core banking technology stack has always given us more control over the experiences we provide and this direct integration with Visa puts us at the forefront of innovation in the fintech space.”[5]
Trevor Marshall · Chief Technology Officer, Current · Oct 20, 2022
“The biggest differentiator from both a product and a business-strategy perspective is the fact that we've built out our own core.”[7]
Trevor Marshall · Co-founder and CTO, Current · Oct 16, 2026
Who runs AI at Current?
Which regulators govern Current's AI?
| Authority | Why it matters here | Documents |
|---|---|---|
| CFPB | Finco Services is a nonbank provider of deposit-access, Paycheck Advance and secured-card products, so it sits in the CFPB's supervisory and enforcement remit; its eligibility decisions for Paycheck Advance and its stated use of machine learning, AI and risk modelling on member data fall under the Bureau's position on automated systems. | Joint Statement on Automated Systems (CFPB, DOJ, EEOC, FTC) |
| FDIC | Member deposits sit at Choice Financial Group and Cross River Bank, both Members FDIC, and are insured only through pass-through coverage when its conditions are met, so the partner banks' FDIC oversight reaches Current's account programme. | |
| State earned-wage-access and lending regulators | Paycheck Advance is offered through Finco Advance LLC and is not available to residents of Connecticut, Maryland, Nevada, Wisconsin or the District of Columbia under its March 2026 terms, so its availability is shaped state by state. |
Linked authorities have a page in the Regulation tracker; the others are named for completeness and not yet tracked.
What does the public record suggest about Current's AI strategy?
Analysis by BankingNewsAI from the sources cited on this page. Observations, not advice.
01
AI is claimed as infrastructure, not shown as a product
Current's 2026 funding release credits AI infrastructure for personalisation at scale and earmarks money for AI-powered services, but names no assistant, model or metric. The only concrete risk-tooling disclosures come from Visa and from its CTO's description of a transaction risk system.
02
The self-built core is the enabling asset
From the 2021 Banking Dive interview to the 2022 Visa migration and the 2023 Build card, Current attributes its product range to owning its ledger. That is also where any AI decisioning on payroll, overdraft and fraud data would run.
03
The profitability date slipped a year
The December 2024 raise was meant to deliver profitability in 2025; the June 2026 release speaks of advancing toward profitability in 2026, while the CEO's quote refers to 'a crossing over to profitability'. No audited figures are public.
04
Growth came with a lower price
Current reports more than 70% growth for three years and 6 million customers, yet its 2026 round priced it 38% below 2021, with debt-style partners (Cross River warehouse funding, General Catalyst's Customer Value Fund) carrying much of the expansion.
05
Two partner banks carry the regulatory weight
Choice Financial Group and Cross River Bank hold the deposits and issue the cards, so any AI-driven credit or fraud decision Current makes on those accounts is also inside the partner banks' compliance programmes.
Does Current use AI?
Current says its growth has been fuelled by significant investments in technology and AI infrastructure that deliver highly personalised financial experiences at scale, and its $80 million Series E (June 2026) will partly fund AI-powered financial services. Its July 2026 privacy policy lists machine learning, AI and risk modelling among its uses of member data. It has not launched a named AI assistant or published AI performance figures.
Is Current a bank?
No. Current (Finco Services, Inc.) is a financial technology company. Banking services are provided by Choice Financial Group and Cross River Bank, Members FDIC, and deposits are FDIC-insured up to $250,000 only through pass-through coverage when its conditions are met. The Build secured charge card is issued by Cross River Bank. Current had 6 million customers as of November 2025, according to the company.
What is the Current Build card?
The Build card is a secured charge card launched with Cross River Bank in August 2023. It draws on the member's Current spending balance, needs no credit check and charges no interest or annual fee, and Current reports on-time payments monthly to Equifax, Experian and TransUnion. CTO Trevor Marshall has described it as having 100 percent approval rates, and members can extend spending with fee-free overdraft.
How much is Current worth?
Current's June 2026 Series E of $80 million, led by Springcoast Partners, valued it at $1.5 billion. American Banker, citing PitchBook, reported that this is 38% below the $2.2 billion valuation Current reached when Andreessen Horowitz led its $220 million Series D in April 2021. Current also raised $200 million in December 2024, including warehouse funding from Cross River.
Who regulates Current?
As a nonbank offering deposit access, Paycheck Advance and a secured card programme, Current falls under the Consumer Financial Protection Bureau. Its partner banks, Choice Financial Group and Cross River Bank, are FDIC-insured institutions that hold member deposits. Paycheck Advance is offered through Finco Advance LLC and is not available in Connecticut, Maryland, Nevada, Wisconsin or the District of Columbia under its March 2026 terms.
Is Current profitable?
Current has not published audited results. In December 2024 it said revenue grew more than 90% that year and targeted profitability in 2025. In June 2026 it said it was advancing toward profitability in 2026, while CEO Stuart Sopp spoke of 'a crossing over to profitability' after three consecutive years of more than 70% growth. Its 6 million customers (November 2025) are the latest disclosed scale figure.
- Current Secures $80 Million Series E at $1.5 Billion Valuation Following Third Consecutive Year of 70%+ Growth
- Neobank Current raises $80 million, reports growth
- Current Announces Record-Breaking Growth in 2024; Secures Additional Capital to Accelerate Scale, Product Innovation
- Cross River Partners with Current to Further Its Mission of Financial Inclusion and Serving the Underbanked Population of 26 Million
- Current migrates to Visa DPS Forward Platform; Innovative integration to enable suite of new financial products
- Current cuts member inquiries by 5% following Visa DPS Forward integration
- Ask a fintech founder: Trevor Marshall, Current (retrieved 2026-10-16)
- Why Current built its core technology in-house
- Current triples valuation to $2.2 billion; Raises $220 million in Series D funding
- Mobile banking app Current raises $131M Series C, tops 2 million members
- Current Privacy Policy (effective July 16, 2026)
- Paycheck Advance Terms and Conditions (effective March 6, 2026)
- Current Press Kit, June 2026
- Current Credit Building | Build Card (retrieved 2026-10-16)
Neobank
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Payments
Card network
Brokerage
Business finance & infrastructure
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