A new mobile banking platform called Spruce, built by tax preparation firm H&R Block and powered by SoFi-owned fintech Galileo, has launched in the United States.
The app, launched on January 20, 2022, includes a spending account with a debit card, a connected savings account that allows for specific budget goals, early availability of paychecks, and overdraft protection.
Galileo CEO Derek White said consumers are embracing digital financial services “at an unprecedented rate”.
Spruce meets “consumers where they are and increases financial inclusion and stability for all,” White adds.
Galileo says its cloud-based financial technology platform enables new and established brands to launch innovative financial services that can quickly adapt to changing customer needs.
The fintech cites its own research which shows that 44% of US consumers use digital-only banks as their primary or secondary account, while 61% say they are somewhat or very likely to switch to a digital-only bank as their primary provider.
H&R Block chief financial services officer Les Whiting said the company wanted customers to be able to “easily, quickly and reliably access, deposit, transfer and grow their money through Spruce”.