US challenger HMBradley winds down consumer business, eyes B2B space
US digital banking platform HMBradley is initiating a wind-down of its consumer business, including deposits and credit card programmes, as of 15 November.
HMBradley to close its consumer business and pivot to B2B
Founded in 2018 with its headquarters in Los Angeles, California, HMBradley aimed to reward customers for “developing sound financial habits”.
In March, the challenger had partnered up with Thought Machine, leveraging its core banking platform to open up its waitlist and provide customers with a personalised banking experience, including financial insights and tailored products.
Customer deposits were being maintained by New York Community Bank, a division of Flagstar Bank, on behalf of HMBradley.
Now, in a statement on its website, HMBradley confirms it will be shutting down its consumer business over the next 30 days, with all accounts set to close on 15 December.
“Throughout 2023, it became evident that our consumer brand growth was falling short of our goals,” says Zach Brunke, CEO and co-founder of HMBradley.
“At the same time, several banks approached us to use the technology we’ve developed to power their next generation of financial products. Because of this, we have made the strategic decision to shift to focus on integrating our technology with established banks.”
