New York based debit card startup focused on tweens and teens has raised $1m in incremental Series A funding from Fifth Third Capital, after raising $5m in October led by QED.
The company makes a smart debit card for kids that works with an app on parents’ smartphones where they can automate allowance transfers and optionally set up tasks and chores that have to be completed before allowance is paid. The child then receives the “cash” on a Visa-branded debit card, which allows them to shop online or in-stores. These additional tools set Current’s card apart from other “kid debit cards” like Visa Buxx, as it’s not simply a way to give money to kids on plastic – it’s a whole system for teaching them about money and responsibility.