H&R Block debuts challenger bank Spruce

H&R Block in Kansas City, Mo., has created a challenger bank. 

The tax preparation company said in a press release Thursday that it had launched Spruce, a mobile banking platform that will include a spending account with a debit card. 

Meta Financial’s MetaBank is providing the banking products for Spruce, which will look to address the needs of underserved markets. 

“Spruce is a financial technology platform that combines the best features of leading neobanks with H&R Block’s trusted brand,” Jeff Jones, the company’s president and CEO, said in the release. 

“Creating and launching Spruce is a huge milestone for our company as we continue to execute on our transformation and growth strategy, Block Horizons 2025,” Jones added. 

Block Horizons is the company’s five-year growth and transformation plan. 

Spruce’s features include a no-fee spending account, cash-back rewards, credit score monitoring, early access to paychecks and up to $20 of overdraft protection.