US digital banking platform Milli Bank closes down
US-based mobile banking platform Milli Bank, a division of First National Bank of Omaha (FNBO), has closed down as of 15 November 2024.
Milli Bank closed on 15 November
Milli offered two products: a savings account with features including spending round-ups, auto-savings, and ‘jars’ (sub-accounts for specific savings goals), and a spending account with both physical and virtual debit cards.
The mobile bank writes on its website: “Our mission has always been to help you achieve your financial goals and support your financial wellness, and we are truly grateful to have been part of your journey. We wish you the best of luck in your financial endeavors and encourage you to keep working toward your goals.”
The bank also notes that customers with a remaining balance at the time of closure will be issued a “check for your balance, including any accrued interest”.
In comments made to FinTech Futures, an FNBO spokesperson states: “Milli was developed to provide FNBO with an opportunity to test and innovate within the digital banking space, including experimenting with customer-centric digital features.
“FNBO has operated an online bank, FNBO Direct, since 2006 and we remain committed to serving and welcoming new customers there.”
The spokesperson adds: “Our decision to discontinue further investment into Milli will allow us to direct our innovation resources toward other areas of our business that we look forward to growing and strengthening to best serve our customers.”
Founded in 1857, FNBO operates in eight US states and serves over 6.6 million customers nationwide.
