HMBradley, the digital banking platform built to reward savers, today 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.
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.
“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.
“We’ve seen many consumer offerings in the challenger bank and consumer finance space, but when we fully understood the HMBradley value proposition to customers, we were really blown away,” said Vishal Lugani, founding partner at Acrew Capital. “HMBradley really stands out for its laser focus on aligning incentives with its customers. The team has deep fintech experience and its growth, which has been incredibly rapid, is indicative of how well its members (account holders) appreciate the HMBradley offering.”
Started by financial services and technology leaders, HMBradley continues to add top talent. The company recently welcomed Coffman, who is known for building the Capital One mobile app. Rahman, former AVP at Alpine Bank and head of West Coast derivatives for B&F Capital Markets, also moved to HMBradley for the chance to use technology to focus on doing good for its users.
HMBradley’s team is rapidly adding new products, including its most requested feature– joint accounts. Starting today, the joint account option allows families to take advantage of HMBradley’s Savings Tier structure. HMBradley has plans to unveil several more products in the coming months.