The Bancorp Bank, a subsidiary of The Bancorp, Inc. (NASDAQ: TBBK), has announced a new partnership with Current, a leading U.S. financial technology company. This collaboration highlights Bancorp’s strategic focus on supporting the fintech industry and expanding access to innovative financial services for more Americans. This move answers the question of Who Is Bancorp Bank Affiliated With in the dynamic world of modern finance – they are deeply connected with cutting-edge fintech companies like Current.
This partnership enables Current to enhance its offerings to its growing member base, which includes basic, premium, and teen account holders. Bancorp Bank will provide essential back-end banking services and act as the card issuing sponsor for Current. This means Current members will benefit from seamless access to their funds through both physical and virtual debit cards, underpinned by Bancorp’s robust banking infrastructure.
This alliance comes at a time of significant growth for Current. The fintech company has experienced rapid expansion, reaching nearly 3 million members, a substantial increase from 1 million in 2020. Current’s valuation has also tripled in less than six months, following a successful $220 million Series D funding round led by Andreessen Horowitz. Further solidifying its position in the fintech space, Current was recognized on the Forbes Fintech 50 list for 2021.
Stuart Sopp, CEO and Founder of Current, emphasized the importance of strategic partnerships in achieving their mission. “At Current, we’re committed to building inspirational and motivational products that solve real problems for our members, and having the right banking partner is a critical part of that,” Sopp stated. “We look forward to working with The Bancorp as we continue to innovate and enable even more people to improve their financial outcomes.”
Ryan Harris, EVP and Head of Fintech Solutions at The Bancorp, echoed this sentiment, highlighting the mutual benefits of the collaboration. “We are honored to have the opportunity to partner with Current and support them in the next evolution of their growth,” said Harris. “This business collaboration showcases another opportunity for us to bring together technology and innovation from the industry’s leading fintech organizations with The Bancorp’s depth and experience in providing back-end banking services.”
Bancorp Bank: A Leader in Fintech Enablement
The Bancorp Bank’s partnership with Current is a clear example of its commitment to the fintech sector. As a wholly-owned subsidiary of The Bancorp, Inc., Bancorp Bank specializes in providing tailored banking solutions to non-bank financial companies. Through its Fintech Solutions division, Bancorp offers a comprehensive suite of services designed to meet the unique needs of these innovative businesses. This includes back-end banking infrastructure, card issuing, payment processing, and regulatory compliance support.
Beyond Fintech Solutions, The Bancorp operates through several key business lines, including Institutional Banking, Commercial Lending, and Real Estate Bridge Lending. This diversified approach allows Bancorp to serve a wide range of clients, from entrepreneurial startups to Fortune 500 companies, with partner-focused solutions and cutting-edge technology. With over two decades of experience, Bancorp has established itself as a leader in the financial services industry. The company holds the #1 position as a prepaid card issuer in the U.S., is a national provider of bridge financing for real estate projects, and is recognized as an SBA National Preferred Lender. This expertise and industry recognition solidify Bancorp Bank’s position as a trusted partner for fintech companies seeking to scale and innovate.
Current: Driving Financial Innovation for a Better Future
Current stands out as a leading U.S. financial technology company focused on empowering individuals to improve their financial well-being. Their mission is centered on creating better financial outcomes for their members through innovative and motivational products. By leveraging advanced technology, Current delivers digital banking solutions that address the evolving needs of modern consumers in an increasingly complex financial landscape.
Current’s impressive growth and the backing of prominent investors like Andreessen Horowitz, Tiger Global Management, and Wellington Management demonstrate the market’s confidence in its vision and execution. This partnership with Bancorp Bank is poised to further accelerate Current’s growth trajectory and enhance its ability to deliver valuable financial services to a broader audience.
Conclusion: A Strategic Alliance for the Future of Finance
The partnership between Bancorp Bank and Current represents a strategic alignment of two industry leaders. Bancorp Bank’s expertise in providing robust banking infrastructure and regulatory compliance, combined with Current’s innovative fintech solutions and customer-centric approach, creates a powerful synergy. This collaboration not only benefits both companies but also contributes to the broader evolution of the financial industry by expanding access to cutting-edge financial services for consumers across the United States. For those asking who is Bancorp Bank affiliated with, the answer is clear: they are affiliated with the future of finance, partnering with innovators like Current to shape a more accessible and efficient financial ecosystem.
