Current, a New York-based fintech, announced that it raised $20 million in Series B funding led by Wellington Management Co., along with Galaxy Digital EOS VC Fund and CMFG Ventures, the venture capital arm of CUNA Mutual Group. 

Current also announced that it has expanded an existing partnership with Visa. 

"In a competitive neobank market, Current stands out for its focus on delivering better outcomes for the modern family by empowering them with financial tools to meet their underserved needs," Sam Englebardt, co-founder and co-head of principal investments at Galaxy Digital, said in a press release. 

"We believe everyone should have access to affordable financial services that improve the chances for a better life," said Stuart Sopp, founder and CEO of Current.

Current launched in 2017 with a focus on the teen banking market using a mobile app and debit card, and has grown to about 500,000 customers, adding checking accounts to its product mix in 2019.   

Existing investors QED Investors, Expa and Elizabeth Street Ventures are also participating in the round. The new funding around brings total funding to $45 million. 

Cover image: Current.