Current
Business Profile
Core Value Proposition
Current provides a mobile banking app that helps users build credit while banking, with features like paycheck advances, fee-free overdraft, early direct deposit, savings pods with boosts, and cryptocurrency trading.
Target Customer
Individual consumers seeking a mobile-first banking experience, credit-building without traditional credit checks, early access to wages via direct deposit, and optional financial features (savings, rewards, and crypto) in one app.
Key Differentiator
No credit checks to build credit; fee-free overdraft for eligible direct deposits; paycheck advance up to $750; direct deposit can arrive up to 2 days early; crypto trading without trading fees via Zero Hash; savings boosts (Savings Pods) with potential higher yields; FDIC-related deposit arrangements via partner banks.
Implementation Timeline
{"Credit score improvements typically referenced around six months for Build Card users","Immediate access to features upon eligibility and enrollment (e.g., paycheck advance, early direct deposit, overdraft) once criteria are met"}
Pain Points
- 1Difficulty building credit without traditional credit checks or access to credit-building tools
- 2Overdraft fees and limited fee-free options
- 3Delay in receiving direct deposits and limited early access to earned wages
Key Features
- 1Build credit with everyday debit purchases and AutoPay, with no credit checks
- 2Paycheck Advance up to $750 for eligible customers
- 3Get paid up to 2 days early with direct deposits
- 4Fee-free overdraft with qualifying direct deposits
- 5Savings Pods with Boosts and potential interest rate boosts (up to 4.00% under certain conditions)
- 6Crypto trading through Zero Hash with no trading fees
- 7Current Points program with rewards for eligible purchases
- 8Teen Banking with a debit card and parental controls
Target Customer Industries
Client Results
- 1Credit score improvement reported as over 80 points after six months for eligible Build Card users
- 2Savings earnings potential with Boosts (up to 4.00% annually on portions of balances in Savings Pods under certain conditions)
- 3Faster access to funds via direct deposits (up to 2 days earlier)
- 4Access to paycheck advances up to $750 for eligible customers
- 5Fee-free overdraft for eligible accounts
Competitive Advantages
- 1No annual fees and no interest for credit-building features with no credit check
- 2Direct deposit features that enable earlier access to funds
- 3Fee-free overdraft for eligible direct deposits
- 4Paycheck advances up to $750 for eligible customers
- 5Crypto trading without separate trading fees
Key Benefits
Additional Product Information
Product Description
Current is a financial technology company offering a mobile banking app with features such as paycheck advances, savings pods, a debit card, early direct deposit, rewards, and cryptocurrency trading; banking services are provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC.
Target Market
Individuals seeking convenient digital banking, credit-building capabilities, wage access features, and savings/rewards within a single app.
Unique Value Proposition
A consumer fintech that enables credit building with no credit checks, while providing payday advance, fee-free overdraft, early direct deposit, and crypto trading, all within a single mobile platform backed by FDIC-insured partner banks.
Technical Requirements
{"Mobile app available for download","Biometric (Face ID, fingerprint) and passkeys supported for security","In-store cash deposits and ATM access mentioned (fees may apply)"}
Pricing Model
{"No annual fees for core features","Some fees may apply (e.g., ATM fees, late payment fees, and other fees disclosed in account terms)","Build Card has associated fees and disclosures (e.g., potential ATM and card-related fees) as described in terms and conditions"}
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