US digital banking platform HMBradley is winding down its consumer business and will instead try to sell its technology to banks.
Launched in 2020 with a promise to help reward people for saving and positive financial behaviour, HMBradley will close its consumer deposit and credit card programmes over the next 30 days.
In a letter to customers, CEO Zach Bruhnke says: "Throughout 2023, it became evident that our consumer brand growth was falling short of our goals."
Bruhnke says "several banks" have approached the firm about using its technology, prompting the pivot to a B2NB model.
"Today it’s clear that you won’t be seeing what we build in the way we’d always imagined when we started this over five years ago, but we feel certain that this is not the last you’ll hear from us."
The move comes just a few months after HMBradley partnered with New York Community Bank to maintain customer deposit accounts, enabling it to eliminate its waitlist and open new accounts for the first time in over 16 months.
At the time, the fintech also rolled out a core banking platform from Thought Machine.