- Business Pivot: HMBradley, a US digital banking platform, is closing its consumer business and shifting focus to B2B.
- Foundation and Mission: Founded in 2018 in Los Angeles, HMBradley aimed to reward customers for developing sound financial habits.
- Strategic Partnership: In March, HMBradley partnered with Thought Machine, leveraging its core banking platform to offer personalized banking experiences.
- Deposit Maintenance: Customer deposits were managed by New York Community Bank, a division of Flagstar Bank.
- Closure Timeline: The wind-down of HMBradley’s consumer business will take place over 30 days, with all accounts closing on December 15.
- Business Assessment: CEO Zach Brunke notes that consumer brand growth fell short of goals in 2023, prompting the decision to pivot.
- Technology Integration: Several banks approached HMBradley to utilize their technology, leading to the strategic decision to integrate with established banks.
