Company goes from zero to $375M in deposits since launching in March of 2020
HMBradley, the digital banking platform built to reward savers, announced that its flagship product, a checking account that pays consumers up to 3.50% annual percentage yield (APY), is moving to invite only despite increasing demand from consumers. Existing accounts will not be affected.
“We are wholly devoted to delivering the very best experience to all consumers and are making this move to invite only to ensure we can continue offering our customers a best-in-class experience,” said Zach Bruhnke, co-founder and CEO of HMBradley.
The company also announced it is seeking additional banking partners to accommodate its growing consumer deposit demand. In the 15 months since launch, HMBradley has seen well over half a billion dollars in transaction volume and amassed more than $375M in deposits — a 3x increase in deposits since the start of 2021 alone.
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“We launched HMBradley a little over a year ago because there is a very large audience of consumers who demand better service from banks,” said Zach Bruhnke, co-founder and CEO of HMBradley. “We are wholly devoted to delivering the very best experience to all consumers and are making this move to invite only to ensure we can continue offering our customers a best-in-class experience.”
The fintech sector is experiencing a significant growth cycle led by consumer demand for better products.
“Fintech’s growth has benefitted two names above anyone else, Google and Facebook,” said Josh Diamond, Walkabout Ventures General Partner. “Only a few truly special companies that create industry-changing products can avoid the pratfall of online advertising. HMBradley is one of these companies. It is very rare to continue growing off the strength of brand, product and the ensuing word of mouth without needing to outspend competition. HMBradley is doing so while also acquiring valued, and thus hard to capture, customers.”
HMBradley also provides the HMBradley Credit Card, which offers generous cash-back rewards that automatically adjust to consumer’s spending habits and joint deposit accounts that allow families to take advantage of HMBradley’s Savings Tiers. Its products have been especially well received by middle-class consumers who are rewarded for saving a portion of their paychecks
