US-based challenger bank Current announced that it has raised $220 million in Series D funding and tripled its valuation to $2.2 billion in just five months. Current has now raised over $400 million in total funding.

Andreessen Horowitz led the round with substantial participation by returning investors Tiger Global Management, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital, Wellington Management and EXPA.

Current said in a statement that the fundraise follows a year of tremendous growth after signing on three million members, a significant bump from the one million mark it reached just last summer, and it also expanded its creator partnerships.

Its mobile banking products provide new platforms to engage their fans and the new capital will allow Current to grow the company and its member base as well as build integrated products with some of today’s most relevant creators.

“Getting ahead is more important than ever to this generation. Building products that solve your members’ financial needs now and have the potential to grow with them is as important as building a brand that is relatable.

 

We’ve always been committed to providing products that make life better and with this new round of funding we’ll continue to innovate to find more ways to provide value, improve financial outcomes and accelerate the growth of our company and member base.”

said Stuart Sopp, Current CEO and Founder.