Piggy Bank Wearing A Surgical Mask over blue background.

US challenger bank Current has secured $220m in a Series D funding round led by new investor Andreessen Horowitz.

The latest fundraising triples the company’s valuation to $2.2bn in five months, taking the capital raised by the firm to over $400m until now.

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Returning investors Tiger Global Management, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital, Wellington Management and EXPA also joined.

Andreessen Horowitz general partner David George said: “We believe there will be a shift in the next 10 years to mobile and consumer-focused banking services powered by innovation in technology, and with Current’s exceptional growth over the past year, they’ve clearly demonstrated they’re at the forefront of this trend.

“Their product is among the best in the market, and they have proven an ability to reach customers who previously were unserved or underserved by traditional banks.”

Using the fresh infusion, the fintech intends to drive growth and its member base.

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It also plans to develop integrated products with some of “today’s most relevant creators” with the money.

At present, Current has a member base of around three million. The firm also expanded its creator partnerships.

The firm started by offering a teen debit card managed by parents, later offering personal checking accounts.

Current CEO and founder Stuart Sopp said: “We’ve always been committed to providing products that make life better and with this new round of funding we’ll continue to innovate to find more ways to provide value, improve financial outcomes and accelerate the growth of our company and member base.”2

Recently, MANTL – another US fintech – raised $40m in a Series B funding round led by Alphabet’s independent growth fund, CapitalG.

MANTL will use the new money to hire new talent and expand its product offering.