Monarch acquires MBI, launches Monarch Labs and crosses $100M ARR
Monarch acquires MBI, launches Monarch Labs and crosses $100M ARR #
Personal finance platform Monarch has acquired MBI, the digital banking startup formerly known as HMBradley, in its first acquisition. The company also disclosed it crossed $100 million in annual recurring revenue in September. Both announcements were made on October 1.
Financial terms were not disclosed. The MBI team will join Monarch and form a new internal division called Monarch Labs, focused on developing new products and additional business lines. Zach Bruhnke, co-founder and chief executive of MBI, will lead the division.
“Our team has spent the better part of a decade learning how to build both consumer financial products and the infrastructure behind them,” Bruhnke said in the announcement. Monarch Labs is expected to draw on that experience as the company looks to expand the financial tools it offers its more than one million members.
MBI began in 2018 as HMBradley, offering high-yield deposit accounts and a cash-back credit card aimed at digital banking consumers. The company later rebranded and shifted to modular banking infrastructure, building promotions and customer-engagement products for banks and credit unions before the acquisition.
Monarch has operated as a subscription-based personal finance platform since its founding. Chief executive Val Agostino described the $100 million ARR figure as a “new level of scale” that opens room for further investment. The platform passed one million active members this year, a period of growth that accelerated after Intuit shut down the rival Mint service.
According to the company’s press release, Monarch’s long-term goal is to become a financial hub where users can act on their money, not just view insights about it. The MBI team’s experience across consumer products and banking infrastructure is intended to support that direction. No timeline was given for specific new products under the Monarch Labs banner.
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