The SaaSpocalypse Is Looking Like A Bank Run with Current's Stuart Sopp & Trevor Marshall

**SPEAKER_1** (0:00)
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**Dan Nathan** (0:28)
Guy, I'm sure you're already up to speed on all things Current.

**SPEAKER_1** (0:31)
Of course I am. Their app makes managing your money, saving, even building credit super easy, Dan.

**Dan Nathan** (0:36)
They have a new feature called Paycheck Advance. You can get up to 500 bucks before payday when you switch your paycheck and qualify.

**SPEAKER_1** (0:43)
Now that I didn't know.

**Dan Nathan** (0:44)
So now when you sign up and you set up direct deposit, you unlock so much more. And it's super easy to get started. Just go to current.com/ok. That's OKAY. That's current.com/ok.

**SPEAKER_1** (0:58)
Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group member FDIC and Cross River Bank member FDIC. Paycheck Advance is offered by Finco Advance LLC, a financial technology company, not a bank. Eligibility and available amounts may vary and are subject to change at any time. For full terms and conditions, visit current.com or call 888-851-1172 for more information.

**Dan Nathan** (1:27)
So welcome to the Risk Reversal Podcast. I am Dan Nathan. I am joined by my very good friends, our fine sponsors and our landlord for about a week and a half more.
This will be Stuart Sopp. He is the co-founder of Current. And then I'm staring at a very good looking man. This will be Trevor Marshall. He's also a co-founder of Current. He's the CTO. Guys, welcome back to the podcast.

**Stuart Sopp** (1:50)
Thank you, Dan.

**Trevor Marshall** (1:51)
Thank you. You know, we'll make sure to get your security deposit back.

**Dan Nathan** (1:54)
Yes. First and last.
I love that, actually. Thank you.

**Stuart Sopp** (2:00)
We can take these tables.

**Dan Nathan** (2:02)
These are ours.
And I'm feeling a bit skit. So that's going to be very helpful here. We got a lot to talk about. I mean, one of the things that I will say this, and Guy couldn't be here today, I don't know if by design.
But this is going to be one of our last podcasts, the last podcast that we do with you guys here. We hope that you continue to come on. You guys have been great partners of ours, and we've gotten some really, really great insights about FinTech, about the consumer, about tech with Trevor. Not really that much, a whole host of things. But we're going to talk about some things that have gone on with your company of late, and we're really, really happy for you guys. We want to talk about the FinTech space in general. We want to talk about AI, tech build out. You guys, again, have been partnered with Google, GCP, for a while. Trevor, you've been all over this thing as far as from an investment standpoint where you would have been putting your money, and consumer, and just macro in general. Let's do it. You guys have been heads down. You guys are builders, and you guys take a very pointed approach to how you build and how you're kind of moving forward with your consumer orientation. But, you also just raised a lot of capital, and I want to hear about what the impetus is for that. You guys have not raised in a very long time, and that says a little bit, or a lot of bit, about your business in general. So, let's talk about that.

**Stuart Sopp** (3:23)
We're very happy and pleased to announce we raised $80 million Series E at a valuation of $1.5 million.
So, we just got, thank you, we just got a new lead, Spring Coast, so they're joining the board as well. So, that's been great. So, not easy to raise out there with the AI overhang and if you're sending AI into space even harder because they're drawing all the liquidity of the entire market, but it's a really good round, massive validation of current and FinTech in general, right? The promise of FinTech from, you know, even the heady days of 2021, we have delivered on that. And you're right, we haven't raised for a while because we're profitable depending on which metric, but EBITDA and net income this year. And so this will be the last raise for us.
So we don't need to go back. We don't need to go back to the spigot and ask for more money. There will be using our own cash and balance sheet. And so we've also deepened our relationship with Cross River, which is our issuing bank and General Catalyst's customer value fund. So that's our warehouse and our marketing spend. So enabling us to increase and maintain, well maintain and then increase our growth rate, which has been over 70% for three consecutive years.