Case Study: H&R Block expands digital banking and financial health offerings with Plaid

Expanding into mobile banking tech with H&R Block

H&R Block, an established financial services provider, sought to evolve its business and expand into new fintech offerings like mobile banking. The company needed to enable new data connectivity and payment capabilities to support its new products, including its Spruce neobank, without having to build everything in-house. To meet this challenge, H&R Block partnered with Plaid, utilizing their Core Exchange network.

The Plaid solution provided the robust and reliable data connectivity needed to quickly integrate Spruce accounts into the broader fintech ecosystem. This partnership allowed H&R Block to launch its integration with Plaid Core Exchange two months faster than anticipated. The results were significant, with the Spruce app growing to over 300,000 accounts and attracting nearly a billion dollars in deposits. Plaid's performance also enabled a bank payment product at H&R Block's Wave subsidiary, which now facilitates 17% of its gross processing volume.

H&R Block

Les Whiting

Chief Financial Services Officer