Jenius Bank Launches with $150M Investment to Disrupt Personal Banking
Jenius Bank, a new division of Manufacturers Bank, is set to revolutionize personal banking. With a $150 million investment from Sumitomo Mitsui Banking Corp., Jenius Bank plans to launch its consumer-focused platform nationwide this year.
Starting with offices in Charlotte, North Carolina, and Phoenix, Jenius Bank aims to expand its operations to Los Angeles and New York. The bank has already hired nearly 250 employees in the past 18 months, with a nearly 100% remote workforce.
Jenius Bank differentiates itself by aggregating customers' financial data from various sources, including payments, credit cards, bank accounts, investments, savings, and loans, from day one. It plans to offer personal loans, savings, and checking accounts within the next 12 to 18 months.
Targeting customers aged 25 to 44 with six-figure incomes who have complex financial needs, Jenius Bank will provide unique services such as cash flow tracking and financial data aggregation. It plans a measured approach to growth, starting personal loans slowly and partnering with loan aggregators.
Jenius Bank, backed by Sumitomo Mitsui Banking Corp.'s $150 million investment, is poised to disrupt the personal banking sector. With a nationwide launch planned for this year and expansion into major cities, the bank aims to attract tech-savvy customers seeking innovative financial solutions.
