Finco Services, Inc. is a

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

-based

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

and

software development Software development is the process of conceiving, specifying, designing, programming, documenting, testing, and bug fixing involved in creating and maintaining applications, frameworks, or other software components. Software development invol ...

company (

FinTech Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are r ...

) operating its

mobile banking Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses ...

unit under the name Current. It was founded by Stuart Sopp June 2015. In 2020, the ''

Wall Street Journal ''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...

'' reported a valuation of $750 million, and reported that Current "is the latest beneficiary of this trend oward mobile consumer banking. Like competitors Chime and

Square In Euclidean geometry, a square is a regular quadrilateral, which means that it has four equal sides and four equal angles (90-degree angles, π/2 radian angles, or right angles). It can also be defined as a rectangle with two equal-length adj ...

, It was also the beneficiary of the 2020

COVID Coronavirus disease 2019 (COVID-19) is a contagious disease caused by a virus, the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The first known case was identified in Wuhan, China, in December 2019. The disease quickly ...

pandemic A pandemic () is an epidemic of an infectious disease that has spread across a large region, for instance multiple continents or worldwide, affecting a substantial number of individuals. A widespread endemic (epidemiology), endemic disease wi ...

, which drove consumers away from brick-and-mortar alternatives. As of April 2021, its valuation stands at $2.2 billion.

Operations

Financial

At launch, the company's

target market A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total ma ...

was teenagers. Services include downloadable software that enables peer-to-peer money transfers, and processing electronic fund transfers, including credit cards, electronic checks and debit cards. On December 12, 2019, the company applied for patent 16424341 / 20190378121, "Cryptographic Technology Platform And Methods For Providers To Enable Users To Monetize Their Data" that would

cryptographically Cryptography, or cryptology (from grc, , translit=kryptós "hidden, secret"; and ''graphein'', "to write", or '' -logia'', "study", respectively), is the practice and study of techniques for secure communication in the presence of adv ...

give end-users, i.e., customers, an option to maintain complete personal data privacy or opt to monetize all or part of it. Its two primary revenue sources are

interchange fee Interchange fee is a term used in the payment card industry to describe a fee paid between banks for the acceptance of card-based transactions. Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pay ...

s and a subscription option for members looking to access credit.

References

{{authority control Financial markets Financial services Technology in society

Operations

Financial

See also

References