How Does Current Make Money? Modern Rewards Platform

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Understanding how companies generate revenue is crucial to their success in modern fintech. Current is a standout in the field and has redefined the banking experience. Therefore, learning about how to make money is of great importance.

This article focuses on answering the question: “How does Current make money?” The answer lies in how it combines mobile banking services with captivating rewards customers can earn. With subscription and interchange fees, brand partnerships, and an emphasis on user engagement, Current has made a name for itself in this industry. 

We’ll dive into the complex mechanisms behind their revenue model, where we’ll be able to shine a light on strategies that put them into the spotlight of fintech.

Introduction to Current: How does Current Make Money?

In 2015, Stuart Sopp created an innovative fintech company called Current. He had one goal: a modern mobile banking experience with rewards that couldn’t be beaten. He saw the potential and got to work.

Introduction to Current: How does Current Make Money?

Current quickly took off and now holds a prominent spot in the industry. Their user base is primarily millennials and Gen Z, but this wasn’t always the case. To start, Current offered their services for free.

This was enough to get people interested. Then, they introduced “Current Premium,” a monthly subscription that charged users for more features. But Sopp didn’t want to stop there.

The company also earned money through interchange fees by forming partnerships with banks that provide debit cards to users. They have a unique rewards program, too. Connections with various brands power it.

It incentivizes users to buy through the Current app so the company can make money without having them pay for a subscription. The final stream in their business is advertising.

Brands are always clamoring for ad space on apps. And since Current is known for its user base of younger people, companies jump at any opportunity to reach them directly.

Current’s primary focus is on expanding revenue outside of core streams and strategic partnerships, which has helped them stay on top of the ever-evolving world of fintech technology.

Visit: Introduction to Current: How does Current Make Money?

The Core of the Current’s Business Model

If you want to understand how current makes money, you have to get its core business model. It revolves around mobile banking services and a rewards program. Let’s break them down and look at how they make money.

Mobile Banking Services

Subscription Fees

One of the ways that this company generates revenue is through subscription fees. Like any other company with subscription services, they offer a free and premium option.

Subscription Fees

The premium one, called “Current Premium,” comes with more benefits and costs a small monthly fee but offers additional features like higher transaction limits, faster direct deposits, and access to the rewards program.

Interchange Fees

Current partners with banks to create debit cards for their users. When people use these cards, merchants pay interchange fees, which are small fees that come with transactions.

Interchange Fees 

So, companies earn some of those interchange fees every time someone uses their card to buy something. 

Rewards Program

Business Partnerships

The rewards program is crucial to Current’s business setup. By partnering with other companies and brands, they offer cashback rewards to their users.

Business Partnerships 

It’s mutually beneficial because it encourages Current users to use their platform, and in return, Current gets a commission from these partnerships.

In-App Advertising

The platform also doubles as brand advertising space.

In-App Advertising

They can showcase their products or services directly through the app. For this ad space, the company charges advertisers, which generates revenue through in-app advertising.

Additional Revenue Streams

In addition to the income sources mentioned above, Current is thinking of other ways to make money. Some methods include:

Overdraft Protection

For its premium members, Current offers protection against overdraft fees if they need it.

Overdraft Protection

Although a helpful service, Current still charges a small fee or interest on the borrowed amount to bring money back into their pocket.

Financial Products

They’re considering providing financial products like savings accounts and credit lines.

Financial Products

This way, they can generate income from interest and fees made from these services.

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API Access

Currently, it is trying to allow third-party developers access to its API.

API Access

They can use it to generate revenue through licensing and other developer-focused monetization strategies.

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Partnerships and Collaborations

Currently actively seeks partnerships and collaborations with companies and brands to maximize their revenue potential.

Partnerships and Collaborations

These partnerships can lead to shared revenue opportunities and strategies that benefit both parties.

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Challenges and Considerations

Even though Current’s business model seems promising, they still face challenges. For one, there is a lot of competition in the fintech space, with established players and startups all wanting users.

Challenges and Considerations

They also have to account for compliance regarding regulations, data security, and user trust. All of these have an impact on whether or not they succeed. Another crucial factor is how effective their rewards program is at encouraging spending.

If users don’t see value in the rewards, they won’t stick around, impacting their revenue.

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How does Current make money?

Current monetizes their platform through subscription fees, interchange fees, rewards partnerships, in-app advertising, overdraft protection, and possible API access.

What is Current's core business model?

Current’s primary focus is mobile banking services and rewards programs. They offer premium options in addition to a free one for users.

How does the rewards program work with Current?

The rewards program on Current is powered by brand partnerships that give users cashback when they buy certain products or services.

What problems do they face in the fintech space?

Data security, effective reward programs that will encourage user spending, compliance with regulations, and competition are all issues against Current’s success

Are there any plans for Current for revenue expansion?

They’re thinking about offering financial products like savings accounts and credit lines. In addition to this, they might give API access to third-party developers to create more revenue.

What is the strategy for expanding revenue outside of Current’s core streams?

Current has been exploring several revenue streams. Offering overdraft protection to premium customers is one such strategy. They also started giving out financial products like savings accounts and credit lines. Lastly, they’ve been considering letting third-party developers in on their API for monetization strategies focused on development. Your objective is to identify as many strategies as possible that differ from their go-to technique.


Revenue is currently generated in a couple of ways. Subscription fees, interchange fees, rewards partnerships with merchants, in-app advertising, overdraft protection, financial products, and potentially from API access.

With those money-making methods, there’s no doubt that they’ve positioned themselves as a modern and innovative player in the fintech space with their mobile banking services and rewards program blend.

The thing to watch out for is its ability to attract and hold onto users, build fruitful partnerships, and navigate the ever-changing landscape of technology.

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