Thousands of customers are taking advantage of HMBradley’s industry-leading 3% APY for saving
HMBradley, the digital banking platform built to reward savers, announced that it has raised $18.25 million in Series A funding based on its explosive growth. The round was led by Acrew Capital, which was an early investor in Chime (also leading its Series A) as well as Finix and Deserve. Funds will be used to ramp its credit program and continue expanding offerings built around consumer needs as HMBradley helps people save at an astounding rate. Additionally, HMBradley is investing in growing its team with impressive talent devoted to creating the best possible customer experience. Recent hires include former director of engineering at Capital One, Ben Coffman, and fintech thought leader Saira Rahman.
“We started HMBradley with the thesis that people of all income brackets want to save money, but they sometimes need a little help or incentive to do that,” said Zach Bruhnke, co-founder and CEO of HMBradley.
While almost every bank is dropping rates, HMBradley continues to pay the industry’s highest interest rates, up to 3% on savings, to account bearers who save a portion of their deposits each quarter regardless of how much money they earn. This value proposition has resonated with customers as the bank has received over $90 million dollars in deposits and an impressive average account balance of nearly $30,000 to date. In October, deposits doubled month-over-month. In fact, HMBradley’s transaction volume has grown to over $110 million since it launched in April.
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“We started HMBradley with the thesis that people of all income brackets want to save money, but they sometimes need a little help or incentive to do that,” said Zach Bruhnke, co-founder and CEO of HMBradley. “Every day since our launch, our account holders have proved this to be true. HMBradley’s 3% APY is not a gimmick. We stand behind it because it serves as strong encouragement for customers to practice the financial behaviors that set them up for success.”
Better Banking Options for All
Additionally, the HMBradley Credit Card, which was introduced in July, offers consumers 3% cash back for purchases in their highest spending category, 2% for the next highest category, and 1% for all additional charges, automatically adapting each cycle to how customers spend their money. Furthermore, because it is linked to a customer’s digital bank account that combines both checking and saving features, it helps yield up to 3.5% APY on deposits. When paired with an HMBradley deposit account, this helps account holders maximize savings and rewards to meet their financial goals. HMBradley is currently one of the few fintech companies that offer both deposit and lending capabilities through its arrangement with Hatch Bank.
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