Current, a fintech company, raised $220 million in a funding round led by venture capital firm Andreessen Horowitz, bringing its value to $2.2 billion.

The New York-based firm said in a statement that the new funds will be used to broaden its product range, which also includes cryptocurrencies.

Current is a leading financial technology company in the United States, addressing the needs of Americans who are trying to improve their lives. The startup's goal is to empower participants to make positive financial changes in their lives. They deliver inspirational and motivational products as we all move forward in a world of increasing digitization and complexity.

Current, founded in 2015 is a digital bank that offers services such as account opening, debit-card transactions, and mobile banking.

Current has no specific plans to pursue a stock market listing, but it expects to be able to go public in the next few years, according to Stuart Sopp, the company's founder, and CEO.

Venture capital firms are betting big on fintech startups after the Covid-19 pandemic sparked a boom in online transactions last year.

With a valuation of $95 billion earlier in 2021, digital payments giant Stripe became the most valuable startup in the United States.

According to the company, it now has more than three million users, up from one million in June. It grew in popularity last year as a result of its fast processing of stimulus payments, which set it apart from conventional banks.
Current, which was valued at around $750 million in its most recent funding round in November, has a partnership with YouTube creator and philanthropist Jimmy Donaldson, also known as MrBeast.