Current raised $5M for its debit card for teens that parents control with an app

Current announced today it has raised $5 million in Series A funding for its debit card aimed at kids that parents can control with an app. The company first introduced its Visa debit to the market in May. Kids can use the card to shop in stores or online using funds from their own bank account linked to the card, after receiving a digital allowance from mom or dad.

The new round was led by QED Investors and included participation from Cota Capital. In addition, QED’s Founding Partner Frank Rotman will join Current’s Board of Directors.

The company, incubated out of Expa Studio, had previously raised $3.6 million from Expa and Human Ventures in March, 2017.
The idea behind Current is to help shift tweens and teens from cash to digital funds at an earlier age. This is reflective of the larger transition to a more cashless society – at least here in the U.S., where you can use a debit card to pay for almost anything these days.