Rewarding Savers: HMBradley Raises $18.25M To Bank On Consumer Saving Habits
Summary
The Santa Monica, California-based startup closed on $18.25 million in Series A funding to build on its credit program and savings offerings. Acrew Capital led the round, which gives HMBradley approximately $22 million in venture-backed funding since the company was started in 2019. Consumers want to make more money for their money.” The young company aims to align those incentives by offering higher annual percentage rates as customers save more. “Tiers vary–the average is 2 percent APR–but it is really about aligning consumer behavior with the percentage of income they are saving,” he added. Engagement is double what we have seen, and if it continues to grow, we think consumers will expect credit in a different way.” Vishal Lugani, founding partner at Acrew Capital, supported the Acorns portfolio while he was with Greycroft and said in an interview that he is impressed with how fast the HMBradley team was able to roll out a credit program.