H&R Block in Kansas City, Mo., has created a challenger bank.
The tax preparation company said in a press release Thursday that it had launched Spruce, a mobile banking platform that will include a spending account with a debit card.
Meta Financial’s MetaBank is providing the banking products for Spruce, which will look to address the needs of underserved markets.
“Spruce is a financial technology platform that combines the best features of leading neobanks with H&R Block’s trusted brand,” Jeff Jones, the company’s president and CEO, said in the release.
“Creating and launching Spruce is a huge milestone for our company as we continue to execute on our transformation and growth strategy, Block Horizons 2025,” Jones added.
Block Horizons is the company’s five-year growth and transformation plan.