Digital banking platform HMBradley is moving its checking account to invite-only, a press release says.
HMBradley’s checking account pays consumers up to 3.5 percent APY.
The company said existing accounts won’t be affected.
“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 release also adds that the company is looking for new banking partners to accommodate its growing demand for deposits.
HMBradley was founded in 2019. The company has since seen a transaction volume of half a billion dollars and $375 million in deposits, according to the release.
The release also says that middle-class people who are looking to save some of their paychecks have made use of HMBradley. HMBradley’s services, according to PYMNTS, reward account holders based on how much of their deposits they save every month. The platform pays up to 3 percent interest on savings.
In 2020, PYMNTS wrote that HMBradley had raised $18.25 million toward its platform. The funding would be used to boost its credit platform.
The funding was led by Acrew Capital, and the report said it would also be used for expanding customer offerings.
The company also had plans to expand its credit offerings with a new credit card. As of July 2021, the HMBradley Credit Card allows for 3 percent cashback on the cardholders’ highest spending categories. Then there’s 2 percent for the second-highest spending category and 1 percent in any other category.
Bruhnke recently discussed the digital shift with PYMNTS as the pandemic forced everyone to change the ways they operated, with digital offerings becoming exponentially more popular. As such, HMBradley had rolled out high-yield savings accounts and direct deposits as of late.