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# SMBC Group’s Jenius Bank surpasses $1 Billion in deposits
- URL: https://www.fintechobserver.com/smbc-groups-jenius-bank-surpasses-1-billion-in-deposits/
- Published: 2024-05-28T23:24:05.000Z
- Updated: 2024-05-28T23:24:05.000Z
- Description: Sumitomo Mitsui Financial Group announced that the deposit balance of “Jenius Bank™”, the digital banking division of SMBC MANUBANK, a…
- Author: Norbert Gehrke
- Tags: #Migrated-1734246964256, #Import 2024-12-15 07:16

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.

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