HMBradley, a neobank aimed at savers, is moving to an invite-only model amid “explosive demand,” the company said. HMBradley went from zero to $375M in deposits since March 2020.

Why should we care?
Most neobanks garner a significant part of their revenue from transaction-based fees, but HMBradley co-founder Zach Bruhnke said the neobank targets a different market – customers who want to save. The company offers customers who save at least 20% of their income and set up direct deposits a 3% annual percentage yield. It also has a credit card that offers Tier 1 customers 3% cash back. Bruhnke said the company’s product suite is the best deal in banking. Demand, however, led to partners signaling the need to slow down. “They basically just said, 'We can't keep up with it,’” Bruhnke said in an interview. HMBradley suggested it’s seeking additional banking partners to help it scale more quickly. ”We're going to need multiple partners to be able to scale this, and at the speed at which we're scaling, most banks really just can't keep up with the growth," Bruhnke said. HMBradley, which said it has “tens of thousands” of accounts, is banking on longer-term loyalty to build revenue prospects. It also plans to launch additional products, including auto loans and mortgages.