New banks

Backed by PayPal founder Max Levchin, new challenger bank HMBradley launches

  • The new bank provides interest rate incentives to encourage customers to save more.
  • The company also introduced One Click Credit and savings plans.
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Backed by PayPal founder Max Levchin, new challenger bank HMBradley launches

HMBradley, a new digital banking platform, launched with a 3 percent APY, 33 times the national average.

What is it: HMBradley is a new challenger bank targeting consumers of all income levels to help them save their money and plan for events, purchases, and experiences.

  • The challenger bank has gamified savings, rewarding its customers with higher interest rates when they save a bigger percentage of a monthly direct deposit.
  • Account holders qualify by receiving at least one direct deposit each month and saving at least 5 percent of their deposits. No interest is earned if the account holder does not save at least 5% of deposits monthly.
  • In addition to the launch, the company also debuted features like One Click Credit, plans to help users achieve their savings goals, and forward-looking dashboards.
  • When enabled, One Click Credit allows HMBradley to periodically deliver pre-qualified credit offers tailored to each customer. Customers know the exact terms of the credit offers upfront and can claim them with a click.
  • HMBradley accounts are opened at Hatch Bank, Member FDIC, and each account is insured up to $250,000 per depositor.

“We are so excited to open our virtual doors and welcome people from all income brackets as we introduce a new way to bank,” said Zach Bruhnke, co-founder and CEO of HMBradley. “We want to empower and protect every consumer financially to show them that a bank can be on their side, regardless of how much money they make.”

Investors: HMBradley has raised $3.5 million in a seed round, according to Crunchbase.

  • PayPal founder Max Levchin is an investor through his HVF Labs.
  • Other investors include Index Ventures, Walkabout Ventures, and Mucker Capital.

The challenger claims it has thousands of people on a waitlist.

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