Current hires first CFO

Last valued at $2.2 billion, neobank Current named Scot Parnell its first CFO on Wednesday.

Why it matters: The news comes as the company strives to hit profitability by mid-2025.

Catch up quick: Parnell was previously Munich Re Life's CFO and was CFO of earned-wage access company DailyPay for three years before that.

Context: Backed by Tiger Global, Andreessen Horowitz, TQ Ventures and Sapphire Ventures, Current last raised $220 million in Series D funding in 2021.

• Founded in 2015 with a focus on lower-income consumers, the company competes with the likes of Chime and Square.

Bottom line: Don't expect an IPO before it hits profitability.