WILMINGTON, Del.--(BUSINESS WIRE)--The Bancorp Bank, the wholly-owned banking subsidiary of The Bancorp, Inc. (NASDAQ: TBBK) today announced its newly established banking services partnership with Current, a leading U.S. financial technology company serving Americans working to create a better future for themselves. The Bancorp offers tailor-made solutions to fit the unique needs of several top financial technology services providers throughout the country and this new partnership enables Current to further its mission to improve the financial lives of even more Americans.
As a result of its relationship with The Bancorp, new Current members will receive an enhanced suite of services across its entire product line, including its basic, premium and teen accounts. The Bancorp will provide back-end banking services and card issuing sponsorship, enabling Current members to access their funds through both physical and virtual debit cards.
The new partnership follows a year of tremendous growth for Current, which has nearly 3 million members, significantly up from the 1 million mark it reached in 2020. The fintech also tripled its valuation in less than six months, culminating in a $220 million Series D fundraise led by Andreessen Horowitz earlier this year. Current was also recently named to the Forbes Fintech 50 list for 2021.
“At Current, we’re committed to building inspirational and motivational products that solve real problems for our members and having the right banking partner is a critical part of that,” said Stuart Sopp, Current CEO and Founder. “We look forward to working with The Bancorp as we continue to innovate and enable even more people to improve their financial outcomes.”
“We are honored to have the opportunity to partner with Current and support them in the next evolution of their growth,” said Ryan Harris, EVP and Head of Fintech Solutions at The Bancorp. “This business collaboration showcases another opportunity for us to bring together technology and innovation from the industry’s leading fintech organizations with The Bancorp’s depth and experience in providing back-end banking services.”
About The Bancorp
The Bancorp, Inc. (NASDAQ: TBBK), headquartered in Wilmington, Delaware, through its subsidiary, The Bancorp Bank, provides non-bank financial companies with the people, processes, and technology to meet their unique banking needs. Through its Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending businesses, The Bancorp provides partner-focused solutions paired with cutting-edge technology for companies that range from entrepreneurial startups to Fortune 500 companies. With over 20 years of experience, The Bancorp has become a leader in the financial services industry, earning recognition as the #1 issuer of prepaid cards in the U.S., a nationwide provider of bridge financing for real estate capital improvement plans, an SBA National Preferred Lender, a leading provider of securities-backed lines of credit, with one of the few bank-owned commercial vehicle leasing groups. By its company-wide commitment to excellence, The Bancorp has also been ranked as one of the 100 Fastest-Growing Companies by Fortune, a Top 50 Employer by Equal Opportunity Magazine, and was selected to be included in the S&P Small Cap 600. For more about The Bancorp, visit https://thebancorp.com/.
Current is a leading U.S. financial technology company serving the needs of Americans who are working to create a better future for themselves. Our mission is to enable members to change their lives by creating better financial outcomes. Leveraging the best technology, we deliver inspirational and motivational products as we all move forward in a world of increasing digitization and complexity. Current is backed by investments from Andreessen Horowitz, Tiger Global Management, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital, Wellington Management, QED Investors and EXPA.