Today I get to share two pieces of news I'm really excited about: Monarch has crossed $100 million in annual recurring revenue, representing a new level of scale and an opportunity to invest in the next phase of our growth. We've also acquired MBI, the fintech company formerly known as HMBradley, to help expand the value we offer our members.
I've known Zach Bruhnke, MBI's co-founder and CEO, for almost a decade. I watched HMBradley grow to more than $800 million in consumer deposits, and then watched Zach and much of that same team stay together through its evolution into MBI. What's always struck me is that we've spent years building for the same people. HMBradley was built for people trying to make smarter decisions with their money. That's the same thing that gets us out of bed at Monarch every day.
This milestone doesn't stand alone. It comes on the heels of a year where we crossed 1 million members, launched our premium tier, Monarch Plus, and were named to Fast Company's Most Innovative Companies list, the Forbes Fintech 50, and TIME's list of America's Best Financial Services Providers. Financial health is one of the most common sources of stress in people's lives, and it doesn't have to be. That's still the whole reason Monarch exists.
The MBI team will lead Monarch Labs, which will focus on exploring new areas that reflect their experience. They bring deep experience building both the financial products people use directly and the complex infrastructure underneath them, experience that will meaningfully strengthen what we build going forward.
Our mission is to help people improve their financial health: to help them understand their money clearly, and to connect the financial decisions they make every day with the bigger life goals they're working toward. Reaching this milestone, and now having this team's experience alongside ours, gives us additional momentum toward becoming the one-stop destination for everything our members need to manage their financial lives.
Thank you, as always, for being part of this journey with us.
Val
