Current announces Springcoast-led Series E equity round

Current announced an $80 million Series E equity round led by Springcoast at a reported $1.5 billion valuation. Springcoast would join the company's board. Current said the capital would support product innovation, artificial-intelligence capabilities and expansion of banking, payments, liquidity and credit services. The company separately expanded its financing partnership with Cross River and extended a multi-year commitment from General Catalyst's Customer Value Fund. Those arrangements are distinct from Springcoast's equity investment. The release described Current's progress toward profitability and public-company readiness, but it did not announce an IPO or establish that profitability had been achieved. Springcoast's individual investment amount was not disclosed.