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Current Launches Platform API, Forges Partnership with Plaid

Current Launches Platform API, Forges Partnership with Plaid
  • Current launched its platform API today and introduced Plaid as its first partner.
  • The collaboration between Current and Plaid will enable Current members to access digital financial services from more than 6,000 apps and services on the Plaid network.
  • Current earned a valuation of $2.2 billion after securing $220 million in Series D funding last spring.

Fintech platform Current launched its platform API today. The new offering is designed to bring seamless integrations and embedded banking experiences to fintechs and financial services companies. The product launch is being accompanied by news that Current has secured its first partner, API-first data network Plaid. The partnership will enable Current members (totaling nearly four million) to access an even wider range of innovative digital financial solutions to help them better manage their finances. These solutions, available via the Plaid network, range from digital payments to financial planning to investment tools.

“Our new platform API gives open banking partners the capability to embed our core banking technology,” Current CTO Trevor Marshall said. “We’re thrilled to be working with Plaid, the industry leader in open banking, as our first partner. We enabled this integration in response to feedback from our members. With Plaid, our members can access experiences that can help improve their financial lives with control and security.”

In working with Plaid, Current will provide its members with a credential-less open finance experience, leveraging both Current’s API as well as phone number and device authentication to reduce friction.

“We’re thrilled to enable a simple, secure on-ramp to digital financial services for Current members, who are often banking for the first time in their lives,” Plaid Partnerships Lead for Universal Access Raja Chakravorti said. “The integration ensures that consumers are in control of where and how their financial data is permissioned and shared, information that is essential to setting up a healthy financial life.”

Founded in 2015 and headquartered in New York, Current offers a variety of solutions to help its members change their lives by creating better financial outcomes. The company offers up to 4.00% APY via its Savings Pods solution, provides overdraft protection of up to $200, enables early wage access for members who use direct deposit, and gives consumers up to 15x the points on qualifying transactions made via the Current debit card.

Current secured $220 million in Series D funding last spring in a round led by Andreessen Horowitz. The investment gave the company a valuation of $2.2 billion. Stuart Sopp is CEO.

Photo by Sebastian Voortman