Finco Services

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Finco Services, Inc.
Current
TypePrivate
IndustryBanking, finance
FounderStuart Sopp
Key people
Alfred Borden
Dave Wade
Jan Calvert
ServicesFinancial transaction processing
Finance and insurance
Credit card service
Revenue$9.65 million USD (2021)
Websitewww.current.com

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.[citation needed] In 2020, the Wall Street Journal reported a valuation of $750 million, and reported that Current "is the latest beneficiary of this trend [toward mobile consumer banking]".[2] Like competitors Chime and Square, It was also the beneficiary of the 2020 COVID pandemic, which drove consumers away from brick-and-mortar alternatives.[3] As of April 2021, its valuation stands at $2.2 billion.[4]

Operations[]

Financial[]

At launch, the company's target market was teenagers.[5] Services include downloadable software that enables peer-to-peer money transfers, and processing electronic fund transfers, including credit cards, electronic checks and debit cards.[6]

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.[7]

Its two primary revenue sources are interchange fees and a subscription option for members looking to access credit.[8]

See also[]

References[]

  1. ^ "Finco Services, Inc". D&B Business Directory. Retrieved June 3, 2021.
  2. ^ 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.
  3. ^ 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.
  4. ^ 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.
  5. ^ Auchterlonie, Tom. "Current emerges as a model for teen-focused neobanks as its user base soars". Business Insider. Retrieved 2021-06-03.
  6. ^ USPTO. "CURRENT - Finco Services, Inc. Trademark Registration". USPTO.report. Retrieved 2021-06-03.
  7. ^ "FinCo Services, Inc. SEC Registration". sec.report. Retrieved 2021-06-03.
  8. ^ "Mobile bank Current secures $131 million at $750 million valuation". FinLedger. 2020-11-24. Retrieved 2021-06-03.
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