Who carries around cash anymore? The answer? Parents, who still need to hand out allowance and pocket money to their kids.
That’s where Current comes in.
Current is the latest company out of Expa Labs, and was built by Stuart Sopp. Sopp told TechCrunch that he built Current out of a personal need — he has a seven-year-old daughter who often wants to make purchases online but (obviously) can’t have her own credit card.
Current lets parents sign up for an account online and put in their kid’s information. They then get a debit card for their child that is funded exclusively from the parents’ bank account, and is accepted anywhere VISA is accepted.
This lets parents allocate allowance straight from their bank account, and also lets kids learn about financial responsibility with the payment method they’re likely to use as an adult, a credit card.
Current makes money by charging parents a subscription fee of $3/month per kid.
Alongside the spending account attached to the kid’s debit card, Current also offers a Savings account and a Give account, where kids can put aside funds for their future or give to the charity of their choice. Current is working on building in parent access controls to the app so they can set aside savings, as well.
Current just closed a $3.6 million seed round led by Expa and Human Ventures, with participation from Future Perfect Ventures and others.
You can check out Current right here.