Current
Case Study

How Paintgun helped Current to become the no. 2 challenger bank in the US

Funding Type
Series D
Industry
Fintech
Headquarters
New York, USA

Background

Starting off serving the teen market to becoming the second biggest mobile bank in the US, Current’s partnership with Paintgun unlocked an incredible journey over the past 2+ years. 1k+ ad creatives and 4M+ new users later, rapid testing to create continuous growth was always key to our successful collaboration.


Growth
Series B→D
Users
2.3M→6.5M
Partnership
2+ years

Objectives:

1.

Drop CPA

2.

Rapid growth of user base

3.

High volume of ad creatives and ability to scale

CPA drop

Below you’ll see an overview of some of our top ads on Meta:

Top 3:

CRID: 535
Spent: $1.7m

CRID: 842
Spent: $500k

CRID: 818
Spent: $250K

Below you’ll see an overview of some of our top ads on Meta:

Ads DNA Methodology

What drops CPA? With 10+ years of experience in developing creative ads, we’ve developed this framework to explain what makes great ads.

Examples

Grab attention
Banner Blindness

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First second relevance

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Cultural currency

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Hold attention
Entertain

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Educate / Inform

⭐⭐⭐⭐⭐

Mindfuck

⭐⭐⭐⭐⭐

Evoke attention
Short-term incentives

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Long-term incentives

⭐⭐⭐⭐⭐

CTA

⭐⭐⭐⭐

Grab attention
Banner Blindness

⭐⭐⭐⭐⭐

First second relevance

⭐⭐⭐⭐⭐

Cultural currency

⭐⭐

Hold attention
Entertain

⭐⭐⭐

Educate / Inform

⭐⭐⭐⭐⭐

Mindfuck

Evoke attention
Short-term incentives

⭐⭐⭐⭐⭐

Long-term incentives

CTA

⭐⭐⭐⭐⭐

Grab attention
Banner Blindness

⭐⭐

First second relevance

⭐⭐⭐⭐⭐

Cultural currency

⭐⭐⭐⭐⭐

Hold attention
Entertain

⭐⭐⭐⭐

Educate / Inform

⭐⭐

Mindfuck

⭐⭐⭐⭐⭐

Evoke attention
Short-term incentives

⭐⭐⭐⭐⭐

Long-term incentives

CTA

⭐⭐⭐⭐⭐

RAPID GROWTH OF USER BASE

Current’s mission was to serve the financial needs of the millions of Americans who have been overlooked by traditional banks. With benefits such as free overdraft protection, faster paychecks, cash back, fee-free ATMs and no hidden fees, the idea was to offer useful features to people living paycheck-to-paycheck while simultaneously giving everyone access to premium banking services.

Our creative strategy initially had a strong focus on cultural currency by bringing up topics that resonated with the customer segment who would benefit from Current’s products. We relied heavily on meme creation to bypass banner blindness and dispositioned Current’s value propositions in relation to pop cultural phenomenons and items to maximize engagement.

We also focused on the premium feel around Current’s brand by creating ad campaigns with futuristic aspects to them. The hypothesis was that aspirational youth, mostly Gen Z and Millennials, would agree with a visual language that communicates modernity and possibilities, rather than shining light on problems.

As their product evolved, launching savings (4% APY) and crypto features, the need to reach new audiences evolved too. This meant broadening the type of ads we created, focusing on qualitative productions that ignited instant trust.

By constantly renewing our creative strategies throughout our 2+ years of partnership, Paintgun helped Current grow their user base from 2.3M users in June 2020 to 6.5M users in July 2022.

HIGH VOLUME OF AD CREATIVES AND ABILITY TO SCALE

With weekly deliveries of fresh ad creatives, Paintgun helped Current to test differentiated ad creatives extremely fast, allowing us to identify winners worth scaling.

This bullet-proof testing methodology guarantees success by following one simple rule - quantity breeds quality.

Paintgun helped Current to become the no. 2 challenger bank in the US

30%

CPA drop with seven-figure $ managed in ad spend

35

Marketers and designers A/B tested for Current

+1k

Ads produced from 70 design sprints

Photo of Barnaby Hussey-Yeo
Founder & CEO Cleo AI
Barnaby Hussey-Yeo
Founder & CEO Cleo AI

“After only 6 weeks of design sprints and rapid testing, Paintgun cracked the code. UA spiked in a way we had not seen before.”

Read Cleo Case Study

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