Kid-friendly banking app Current picks up $3.6m

Mobile banking and payments platform Current has closed $3.6m in a seed funding round.

Existing backers Expa and Human Ventures  contributed to the round along with Future Perfect Ventures and other marquee investors.

Founded by former Morgan Stanley head of trading, the New York-based company allows users to quickly set up an account with accompanying app and Visa card.

Current’s main selling point is its custodian accounts that allow families to provide children with a debit card enabling them to make off and online purchases.

Children can also learn to manage their money through the accompanying app while parents can keep tabs on their spending and automate allowance.

The family-focused service will launch later this month while company CEO Stuart Sopp also highlighted the company’s community-building ambitions.

He said: “Giving back is also an important tenet at Current, to help fill the void that traditional banks left behind in shedding the community presence that had underpinned their local growth strategies.

“Our suite of tools will enable users around the country to use Current alongside their local and community banks — once centres of mid-sized to smaller cities across America.

“More functionally, these tools will provide consumers the means to track transactions in real time, encourage fiscal responsibility and support charitable causes.”

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