BankMobile, America’s first mobile, tablet and online bank offering free checking and savings accounts, has reached 100,000 customers, in less than a year since inception and looks set to reach two million customers by July 2016. Its parent company, Customers Bank, is all geared up for the acquisition of the One Account Student Checking business and Refund Management Disbursement business of Higher One, Inc., which provides refund disbursements to nearly 900 higher education campuses across the country.
Through these mergers, BankMobile hopes to reach out to more customers in the Gen X and millennial market. To add to the initial two million accounts by mid-2016, around 500,000 new student checking accounts each year. That will make BankMobile rank among the top 25 banks in the country with the highest number of consumer checking accounts.
"This acquisition positions BankMobile to be the primary banking relationship for these millennial and Gen X students as they graduate, evolve into young professionals, and start their own families," said Jay Sidhu, Chief Executive Officer of BankMobile and Customers Bank, explaining the importance of reaching out to Gen X customers. "Our vision of providing financial freedom to millennials and the underbanked through BankMobile has very quickly become a reality. There is no bank in the country that has achieved the level of success that BankMobile has within its first year of launch."
"It is truly exciting that BankMobile can now provide affordable, effortless and financially empowering banking to a large number of students across the United States, who are burdened by student debt, high fees from banks, and lack access to financial education to help them make prudent financial decisions," said Luvleen Sidhu, Chief Strategy & Marketing Officer of BankMobile, stating how the bank is helping students face debt. "Our mission has and always will be to financially empower our customers and we look forward to not only providing traditional banking services but also the tools and personal guidance they need to build a financially stable life."
BankMobile offers higher savings rate than the nation’s top four banks, as well as access to more than 55,000 surcharge free ATMs in the USA.
"By providing a superior product that is easier to use and is more affordable, we hope to create the 'Uber of Banking' at BankMobile," Jay Sidhu added.
Customers Bank is a subsidiary of Customers Bancorp, Inc., a bank holding company in Wyomissing, Pennsylvania and has an illustrious board of directors which includes the founder, C&C Alpha Group, Bhanu Choudhrie.