Monarch, a personal finance platform, has acquired MBI, a digital banking fintech formerly known as HMBradley. The financial terms of the transaction were not disclosed.
MBI, launched in 2020 as HMBradley, initially aimed to reward users for saving and positive financial behavior by offering higher APYs based on their savings. It later developed Routines, a system of customisable automations for saving, moving, and organizing money. In 2023, the fintech wound down its consumer business to pivot to selling its technology to banks.
Monarch helps over a million members budget, track progress, and plan for the future within its app. The acquisition follows Monarch reaching $100 million in annual recurring revenue, entirely from its subscription business, and the recent rollout of a premium tier.
Zach Bruhnke, CEO of MBI, will lead Monarch Labs, where he will explore new growth areas and products for Monarch. Bruhnke stated that joining Monarch provides "the scale, distribution, and trust to move much faster and become a much bigger part of people's financial lives, while continuing to do what we love."