SMBC’s US digital lender Jenius Bank hits $1b in savings deposits

It will roll out a mobile app in the coming months.

Jenius Bank, an American digital bank that is under a subsidiary of Sumitomo Mitsui Financial Group’s (SMBC) American operations, has reached $1b in savings deposits.

Launched in 2023, Jenius Bank offers personal loans and savings products to US consumers. It now has over $700m in loans less than a year before its first-year anniversary and has “achieved stable operations” according to SMBC.

Jenuis Bank is the digital banking division of SMBC MANUBANK, a wholly owned subsidiary of SMBC Americas Holdings. It is headed by John Rosenfield.

In the coming months, Jenuis Bank plans to roll out a mobile app, SMBC announced in a statement posted on its website.

SMBC have recently ramped up expansion to markets outside of Japan, opening a branch in India. 

More recently, the Japanese megabank bookmarked $64m for "social value activities."