BankMobile, America’s first no-fee, mobile, tablet and online bank, revealed that it has reached 100,000 customers in under a year since launch and are on track to hit two million customers by July 2016. Meanwhile, Customers Bank, the parent company, is set to acquire the One Account Student Checking business and related Refund Management Disbursement business of Higher One, Inc., a major name in providing refund disbursements to nearly 900 higher education campuses across the United States. These businesses will see a merger with BankMobile for coming up with a customer acquisition strategy to capture the Gen X and millennial market. BankMobile will add nearly 500,000 new student checking accounts each year, adding to the initial two million accounts by mid-2016, a time when BankMobile will be among the top 25 banks in the nation in terms of 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. “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. “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’s reach is ever rising because it offers free checking and savings accounts without any fees and access to more than 55,000 surcharge free ATMs in the USA. They are also known to offer a higher savings rate than the country’s top four banks.
“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.