HMBradley raises USD 18.25 million to further its growth

Wednesday 25 November 2020 13:03 CET | News

HMBradley, a digital banking platform built to reward savers, has raised USD 18.25 million in Series A funding based on its growth.

The round was led by Acrew Capital, which was an early investor in Chime (also leading its Series A) as well as Finix and Deserve. Funds will be used to ramp its credit program and continue expanding offerings built around consumer needs. Additionally, HMBradley is investing in growing its team with new talents.

HMBradley pays interest rates, up to 3% on savings, to account bearers who save a portion of their deposits each quarter regardless of how much money they earn, according to the official press release. Additionally, HMBradley provides a Credit Card that offers consumers 3% cash back for purchases in their highest spending category, 2% for the next highest category, and 1% for all additional charges, automatically adapting each cycle to how customers spend their money.

Furthermore, because it is linked to a customer’s digital bank account that combines both checking and saving features, it helps yield up to 3.5% APY on deposits. HMBradley currently offers both deposit and lending functionalities through its arrangement with Hatch Bank.

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Keywords: digital banks, Hatch Bank, funding, savings, interest rates, credit card, HMBradley, APY
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech