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Current hires first CFO

Apr 11, 2024
Illustration of a bunch of origami dollar bills folded into  human form holding hands

Illustration: Sarah Grillo/Axios

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.

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