Personal finance platform Monarch has acquired banking startup MBI. The acquisition establishes Monarch Labs, accelerating Monarch's evolution from budgeting tools into autonomous personal wealth execution.
MBI was previously known as HMBradley. The acquired technology and engineering team will form Monarch Labs, which will be led by former MBI CEO Zach Bruhnke. This marks Monarch's first corporate acquisition.
Monarch has reached one hundred million dollars in annual recurring revenue and over one million paying members. The financial terms of the acquisition were not disclosed.