Neobank HMBradley Announces Shut Down of Consumer Services
HMBradley credit card

Neobank HMBradley Announces Shut Down of Consumer Services

A neobank that was known for its unique deposit account and credit card offerings is now set to wind down its services.

What’s happening:

HMBradley has announced that it’s shutting down. The decision was shared in an open letter from CEO and co-founder Zach Bruhnke posted to the company’s site. According to the post, consumer deposit and credit card products will wind-down in the next 30 days (December 15th).

In the absence of its consumer-facing products, Bruhnke says that HMBradley will instead focus on integrating its technology into the platforms of existing institutions. According to a business subdomain of the company’s site, this end-to-end banking solution includes onboarding, fraud detection, and a customizable interface — all meant to help institutions launch next-gen banking products.

Today’s announcement comes after the service had previously gone through a number of changes. Back in March, the neobank announced partnerships with banking technology provider Thought Machine, as well as a New York Community Bank. At the time, the company said that these partnerships would allow it to open new accounts for the first time in 16 months. During the previous period, existing customers were still able to use the service while newcomers needed to be invited by a current member or join the waitlist.

What they’re saying:

In his open letter, Bruhnke wrote, “Since the start, we have been on a mission to bring a better banking experience to life, dedicated to empowering customers with tools and services that enable smart money management. Throughout 2023, it became evident that our consumer brand growth was falling short of our goals.”

He went on to comment on the overall state of banking, noting, “Looking ahead, we’re optimistic about the future of banking and rebuilding the features you love with other banks. Banking is ripe for disruption and now more than ever banks are looking to deliver world-class customer experiences. The coming decade promises exciting advancements for customers, and we anticipate being at the forefront, driving the next wave of financial services and customer experiences.”

My thoughts:

Although I was never an HMBradley customer, I was a bit of an observer of the company as I frequently saw mention of them for reasons both good and bad. In this capacity, I’m not surprised to see that the neobank is pivoting — especially since this type of move has been a growing trend in FinTech. With that, I am curious to see if the startup survives this next chapter, but do wish them luck.


Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

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