… The startup built its own core banking infrastructure, whereas most other digital banks have outsourced this technology to other vendors.
This enables Current to do things like account opening, debit card processing, real-time transaction decisioning and direct integration for rewards, cash deposits, ACH transfers and mobile check deposit by itself. It’s a key part of the company’s business differentiation…
Founded in 2015, Current started off focusing on custodial accounts for teenagers, which it launched in 2017. The company now targets people who live paycheck to paycheck, a market of 130 million people in the U.S. Having launched personal checking accounts in February 2019, Current now has more than 2 million users. Many of its members are young — their average age is 27 — have lower credit scores, live in cities like Atlanta, Houston or Chicago and haven’t had a bank account before.
… Unlike other challenger banks, Marshall and Sopp decided to build all of Current’s back-end banking infrastructure, known as core banking, in-house.
"As we dug deeper, there were two paths to take a challenger bank… The two key areas a challenger bank can focus on is building a bank versus building technology. We are focused exclusively on building technology that enables us to work with many strong partners on the banking side."