Current
Started as a teen debit card, expanded to full-spectrum banking for Americans living paycheck to paycheck.
Everyday + teen banking; in-app crypto trading.
- Who holds it
- A sponsor bank behind the brand — not the app you signed up with — Partner banks (Choice, Cross River).
- The ledger
- Split between a program manager and the sponsor bank — the modular setup that broke in Synapse.
- If it fails
- Any claim runs through the sponsor bank, and only works if the two ledgers reconcile.
Derived from Current’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional |
| HQ | New York, US |
| Founded | 2015 |
| Custody | Custodial |
| Regulation type | Partner-bank model |
| License detail | Partner banks (Choice, Cross River) |
| Card | Visa · Debit |
| Cashback | Points |
| Yield | ~4% savings pods |
| Stablecoins | No |
| KYC | Yes |
| Active regions | North America |
| Countries | United States |
| Founders | Stuart Sopp |
| Funding | ~$400M raised |
| FX markup | 3% international transaction fee on all purchases (Visa wholesale rate) (2026-07) · source ↗ |
Verified links: official site ↗ · @current ↗
Common questions about Current
What is Current?
Current is a fiat neobank, headquartered in New York, US and founded in 2015. Your money is held custodially, so Current or its partner bank holds the balance and you hold a claim on it. It operates on a partner-bank model (Partner banks (Choice, Cross River)).
Does Current have a card, and where can you use it?
It issues a Visa debit card. It is available in North America.
Does Current require KYC?
Yes. Current requires identity verification (KYC) to open an account, as a partner-bank model.
What does Current cost?
From the verified fields: FX abroad — 3% international transaction fee on all purchases (Visa wholesale rate) (as of 2026-07); cashback Points; yield ~4% savings pods. Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with Current before relying on them.
Early investors
Head-to-head
Current vs Chime · Current vs Step · Current vs Varo
Peers
Chime · Wise · Varo · SoFi · Ally Bank · Dave
Current appears in
Neobanks running on someone else’s banking license (81) · Neobanks available in North America (126) · Neobanks that issue a Visa card (182) · Neobanks in United States (66)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.