Current’s $80M Series E values the neobank below its 2021 peak

The Current Series E is in. The New York neobank raised $80m, led by Springcoast Partners, at a $1.5bn valuation.

That headline hides the real story. In 2021, Andreessen Horowitz valued Current at $2.2bn. The new round sits about a third below that peak.

So this is a down round. It is also, the company says, a sign of strength. Revenue grew more than 70 per cent last year, the third year running. Current says it is now crossing into profitability in 2026.

Growth up, valuation down

That gap is the post-2021 fintech story in miniature. Money was cheap in 2021. Valuations raced ahead of revenue.

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Then rates rose, and the market reset. Current...

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