Personal finance platform Monarch has acquired MBI, the banking infrastructure fintech formerly known as HMBradley, for an undisclosed amount. The acquisition is Monarch's first and comes as the company reaches $100 million in annual recurring revenue (ARR) and surpasses 1 million active members.
MBI originally launched in 2018 as HMBradley, a consumer-focused digital banking company. In 2023, it shifted toward providing banking infrastructure and data solutions for banks and credit unions. Its technology includes customizable financial automations and tools designed to help financial institutions create products, promotions and customer experiences without replacing their existing core systems.
As part of the deal, the entire MBI team will join Monarch. Co-founder and CEO Zach Bruhnke will lead a newly established division called Monarch Labs, which will focus on developing new products and exploring additional growth opportunities.
The acquisition comes at an important point for Monarch. The company says its $100 million ARR milestone is entirely subscription-based, while its user base has grown beyond one million active members. Monarch plans to use MBI's experience in consumer finance and banking infrastructure to expand beyond financial tracking toward tools that help users take action on their finances.
Why it matters: The deal highlights a growing trend in fintech where established personal finance platforms are acquiring specialised financial infrastructure and product talent to expand their capabilities. For Monarch, MBI could provide the technology and expertise needed to move from simply helping users understand their money toward helping them actively manage it.