US-based digital challenger HMBradley has secured $18.25m in a Series A funding round as it surpasses $90m in deposits.
The funding round was led by Acrew Capital, Finix and Deserve.
The digital banking platform will use the fresh capital to fund its credit programme and expand its offerings.
HMBradley’s team is adding new products like joint accounts which allows families to exploit the Savings Tier structure offered by the company.
HMBradley claims that it offers highest interest rates to its savers, offering up to 3% on savings to the accountholders.
The HMBradley Credit Card also offers consumers a 1-3% cashback for their purchases, depending on the spend categories.
Furthermore, it offers up to 3.5% annual percentage yield (APY) on deposits as well.
HMBradley offers both deposit and lending products, in partnership with Hatch Bank.
Additionally, the digital bank will invest in hiring top talent to grow its team.
Recently, it hired Capital One former director of engineering Ben Coffman and fintech thought leader Saira Rahman.
HMBradley co-founder and CEO Zach Bruhnke said: “We started HMBradley with the thesis that people of all income brackets want to save money, but they sometimes need a little help or incentive to do that.
“HMBradley’s 3% APY is not a gimmick. We stand behind it because it serves as strong encouragement for customers to practice the financial behaviours that set them up for success.”
Acrew Capital founding partner Vishal Lugani said: “We have seen many consumer offerings in the challenger bank and consumer finance space, but when we fully understood the HMBradley value proposition to customers, we were really blown away.
“The team has deep fintech experience and its growth, which has been incredibly rapid, is indicative of how well its members (account holders) appreciate the HMBradley offering.”