Current Partners with The Bancorp to Offer the Next Generation of its Digital Banking Products
July 27 2021 - 9:23AM
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/.
About Current 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210727005623/en/
Media Relations Rachel Weiss, VP Communications Manager The
Bancorp (302) 385-5410 rweiss@thebancorp.com
Investor Relations Andres Viroslav, Director of Investor
Relations The Bancorp (215) 861-7990 aviroslav@thebancorp.com
Media Relations Erin Bruehl Director of Communications, Current
media@current.com http://www.current.com/press
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