HMBradley is winding down its consumer deposit and credit card programs.
The challenger bank will shut down those operations over the next 60 days, co-founder and CEO Zach Bruhnke wrote in a note on the company’s website. “Throughout 2023, it became evident that our consumer brand growth was falling short of our goals,” he added.
Bruhnke said on his X (Twitter) account that the company plans to deliver its products through other banks rather than build a consumer brand on its own.
Several banks have approached HMBradley about using its technology, he said in the note.