Monarch hits $100M ARR and acquires MBI, formerly HMBradley, in its first acquisition

Personal finance platform Monarch has reached $100 million in annual recurring revenue. It has also acquired MBI, the fintech formerly known as HMBradley, in its first acquisition. Terms were not disclosed.

Founded in 2018, Monarch lets members budget, track spending and investments, and plan their finances in one subscription app. It has passed 1 million members. Co-founder Val Agostino was an early product manager at Mint.

HMBradley was founded in 2018 by CEO Zach Bruhnke and grew to more than $800 million in consumer deposits. It wound down its deposit and card programmes at the end of 2023 and moved to licensing its banking technology to established banks. Its team will now run Monarch Labs, a new unit exploring new products and business lines.

Monarch is backed by FPV, Menlo Ventures, Accel and Forerunner.

The read: a budgeting app buying a banking team points to Monarch moving from tracking money to acting on it.

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