SMBC Group’s Jenius Bank surpasses $1 Billion in deposits

Sumitomo Mitsui Financial Group announced that the deposit balance of “Jenius Bank™”, the digital banking division of SMBC MANUBANK, a subsidiary of SMBC Group based in Los Angeles, California, has reached $1 billion for its high-yield savings product. Currently offering a market-leading rate of 5.25% APY, the Jenius Savings product is designed to empower customers to take control of their financial future and achieve their financial goals with greater ease and flexibility.

The Business, launched in 2023, provides personal loans and deposit accounts to individual customers residing in the United States as a branchless digital retail bank. In less than a year since its inception, the deposit balance has exceeded $1 billion, and the loan balance has surpassed $700 million, demonstrating a stable launch.

With a startup mindset and a rich banking history, Jenius Bank aims to continue providing consumers with the tools they need to live a richer life. Currently, Jenius Bank offers both a savings and personal loan product, with plans to expand its products and features in the future.

Through Jenius Bank, SMBC Group aims to achieve sustainable and stable growth in the large and growing U.S. retail banking market. As digital shifts in financial services progress, SMBC Group will further enhance the value provided to customers and promote digitalization, including through the Business, and continue to strive to create new markets.

Please follow us to read more about Finance & FinTech in Japan, like hundreds of readers do every day. We invite you to also register for our short weekly digest, the “Japan FinTech Observer”, on Medium or on LinkedIn. Our global Finance & FinTech Podcast, “eXponential Finance” is also available through its own LinkedIn newsletter, or via our Podcast Page.

Should you live in Tokyo, or just pass through, please also join our meetup. In any case, our YouTube channel and LinkedIn page are there for you as well.