Finco Services, Inc.
 | |
| Current | |
| Private | |
| ISIN | 🆔 |
| Industry | Banking, Finance |
| Founded 📆 | |
| Founder 👔 | Stuart Sopp |
Area served 🗺️ | |
Key people | Alfred Borden Dave Wade Jan Calvert |
| Services | Financial Transaction Processing Finance & Insurance Credit card service |
| Revenue🤑 | $9.65 million USD (2021) |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Finco Services, Inc. is a New York City-based financial services and software development company (FinTech) operating its mobile banking unit under the name Current.[1] It was founded by Stuart Sopp June 2015, and is privately held and funded.[2] In 2020, the Wall St. Journal reported a valuation of $750 million, and reported that Current "is the latest beneficiary of this trend [toward mobile consumer banking]."[3] Like competitors Chime and Square, It was also the beneficiary of the 2020 COVID pandemic, which drove consumers toward brick-and-mortar alternatives.[4] As of April 2021, its valuation stands at $2.2 billion.[5]
Operations[edit]
Financial[edit]
At launch, the company's target market was teenagers.[6] Services include downloadable software that enables peer-to-peer money transfers, and processing electronic fund transfers, including credit cards, electronic checks and debit cards.[7]
Software[edit]
On December 12, 2019, the company applied for patent 16424341 / 20190378121, "Cryptographic Technology Platform And Methods For Providers To Enable Users To Monetize Their Data" that would cryptographically give end-users, i.e., customers, an option to maintain complete personal data privacy or opt to monetize all or part of it.[8]
Capitalization[edit]
Between 2017 and April 2021, there were four funding rounds amounting to $402.4 million (USD) from 15 investors.[9] Also in April 2021, the company reported close to three million users.[6] Its two primary revenue sources are interchange fees and a subscription option for members looking to access credit.[10]
See also[edit]
Other articles of the topic Banks : Lehman Brothers Holdings Inc., Bahrain National Holding BSC
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References[edit]
- ↑ "Finco Services, Inc". D&B Business Directory. Retrieved June 3, 2021. Unknown parameter
|url-status=ignored (help) - ↑ "Current - Crunchbase Company Profile & Funding". Crunchbase. Retrieved 2021-06-03.
- ↑ Chernova, Yuliya (2020-11-24). "Current Joins Mobile-Banking Boom With $131 Million Tiger Global-Led Round". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-06-05.
- ↑ Son, Hugh (2020-06-17). "Digital bank Current sees 'insane' growth during pandemic as essential workers sign up for accounts". CNBC. Retrieved 2021-06-05.
- ↑ Son, Hugh (2021-04-27). "Digital bank Current triples valuation in five months to $2.2 billion after Andreessen takes stake". CNBC. Retrieved 2021-06-05.
- ↑ 6.0 6.1 Auchterlonie, Tom. "Current emerges as a model for teen-focused neobanks as its user base soars". Business Insider. Retrieved 2021-06-03.
- ↑ USPTO. "CURRENT - Finco Services, Inc. Trademark Registration". USPTO.report. Retrieved 2021-06-03.
- ↑ "FinCo Services, Inc. SEC Registration". sec.report. Retrieved 2021-06-03.
- ↑ "Query Builder | Funding Rounds". Crunchbase. Retrieved 2021-06-03.
- ↑ "Mobile bank Current secures $131 million at $750 million valuation". FinLedger. 2020-11-24. Retrieved 2021-06-03.
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