What Redemption Bank does

Redemption Bank is a Black-owned holding company and Minority Depository Institution (MDI) headquartered in Holladay, Utah (Salt Lake City area). It was formed when a Black investor group led by Ashley D. Bell and Dr. Bernice A. King acquired Holladay Bank & Trust in June 2025, creating the first Black-led bank ownership in the Western United States. The company is now pursuing acquisition of a non-MDI in the Rockies Region, which upon regulatory approval would make it the only Black-owned MDI headquartered west of Texas.

The company operates a tech-enabled concierge banking platform offering a full range of banking services — deposits, lending, and transaction services — for relationship-oriented consumers and business owners. Its flagship product, the Bank King Card (debit), launched on Juneteenth (June 19, 2026), implements a regenerative banking model that directs fixed-amount donations to nonprofits providing direct-cash assistance to single mothers in government-subsidized housing for each new account opened; a credit-card variant with a 12% interest-rate cap is announced. Redemption Bank is also developing a co-branded concierge platform in partnership with other MDIs and a major mortgage lending platform. Revenue derives from standard community-banking activities (net interest income, fees) rather than from the donations the Bank King Card generates, with a merchandise line ("Redemption Merch") and promotional programs (e.g., the March 2026 "Bet on Yourself" $1,000 business giveaway) supporting brand and account-acquisition objectives.

Name

Redemption Bank

Legal name

Redemption Bank

Website

https://www.bankredemption.com

Company type

Private

Founded year

2025

Operating status

Operating

Headcount range

1–10 employees

Short description

Redemption Bank is a Black-owned Minority Depository Institution in Holladay, Utah, offering a tech-enabled concierge banking platform with deposits, lending, and the regenerative Bank King Card that donates to nonprofits serving single mothers in government-subsidized housing.

Ownership category

akta.pro rank

Headquarters

HQ city

Salt Lake City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Banking Services: Full range of banking services including deposits, lending, and transaction services for relationship-oriented consumers and business owners. The Bank King Card generates donations to nonprofits from each new account opened rather than direct revenue.
2. Bank King Card Donations: Redemption Bank makes fixed-amount donations to nonprofits serving needy families for each new Bank King Card account opened, creating a regenerative banking model that benefits communities without charging customers extra

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Redemption Bank provides a full-service, technology-enabled banking platform offering deposits, lending, and transaction services for relationship-oriented consumers and business owners. Its flagship Bank King Card debit card operates a regenerative banking model in which fixed-amount donations are directed to nonprofits serving single mothers in government-subsidized housing for each new account opened. The company also operates a concierge platform in partnership with other Minority Depository Institutions (MDIs) and a major mortgage lending platform.

Product overview

Redemption Bank is a Black-owned holding company and Minority Depository Institution (MDI) headquartered in Holladay, Utah, operating as the first Black-led bank ownership in the Western United States following its acquisition of Holladay Bank & Trust. The company offers a technology-enabled, full-service banking platform that includes the Bank King Card—a regenerative banking debit card launched on June 19, 2026, that channels fixed donations to nonprofits serving single mothers in government-subsidized housing for each new account opened, with a planned credit card follow-up (Bank King Card Credit) featuring rates capped at 12%. Beyond its core consumer and business banking services, Redemption Bank is developing a concierge platform in partnership with other MDIs and a major mortgage lending platform. The company also operates a merchandise line (Redemption Merch) and runs promotional programs like the 'Bet on Yourself' business giveaway.

Differentiator

Problem solved

Functional benefit

Brands

• Bank King Card: A first-of-its-kind regenerative banking debit card that donates fixed amounts to nonprofits providing direct cash assistance to single mothers in government-subsidized housing for each new account opened.

Products and services

• Bank King Card (Debit)
• Banking Services (Full Range)
• Redemption Merch

Quantifiable outcome

• 10% growth achieved under leadership since 2025

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and flagship.

• National Black Bank FoundationcoreStrategic or Co-development Partner · 1 January 2020Co-founded by Ashley D. Bell and Dr. Bernice A. King; has directed $600 million in deals to Black institutions since 2020; serves as the founding initiative driving acquisition of non-minority banks to reverse decline in Black financial institutions
• Major Mortgage Lending PlatformcoreTechnology or IntegrationStrategic partnership to launch a fully tech-enabled, concierge platform alongside other MDIs; integrates mortgage lending capabilities into the banking platform
• Minority Depository Institutions (MDIs)coreStrategic or Co-development PartnerPartnership network with other MDIs to expand access to capital for communities of color and launch collaborative banking platform
• Nonprofits Providing Direct-Cash ServicesflagshipStrategic or Co-development PartnerNonprofits that deliver direct-cash assistance to single mothers in government-subsidized housing apply for grants through Redemption Bank's dedicated foundation; the Bank King Card directs fixed donations to these organizations from each new account opened

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• City First Bank: Black-led, mission-driven community bank (MDI) serving underbanked urban markets with a focus on community development and inclusive lending; shares Redemption's mission-first, MDI positioning and small-bank acquisition orientation.
• Broadway Financial Corporation: Black-owned holding company and MDI operating Broadway Federal Bank in Los Angeles — one of the few Black-owned banks west of the Mississippi and a direct precedent for Redemption's "first in the West" positioning.
• Liberty Bank (New Orleans): Historically Black-owned community bank and MDI operating across multiple Southern states; comparable to Redemption as a legacy Black-owned MDI with relationship banking and community development focus.
• First Independence Bank: Black-owned, MDI-designated community bank in Detroit focused on consumer and small-business banking in underserved urban markets — comparable in mission, scale, and MDI operating model to Redemption Bank.
• OneUnited Bank: Largest Black-owned bank in the U.S., offering community-focused consumer and small-business banking with a strong social-impact mission — the most direct comparable to Redemption Bank in mission, customer base, and national brand identity among Black-owned MDIs.
• Carver Federal Savings Bank: One of the largest Black-owned banks in the U.S. and a designated MDI, providing consumer and business banking with a mission to support African-American communities — directly comparable to Redemption on mission and MDI designation.
• Citizens Trust Bank: Black-owned, MDI-designated community bank headquartered in Atlanta serving consumer and small-business customers with a community-development mandate — closely aligned with Redemption's Black-owned MDI positioning.

Broad incumbents

• Amalgamated Bank: Large, mission-driven, socially responsible commercial bank serving progressive and union-aligned customers; relevant peer because it shows how a values-led bank scales beyond a niche MDI base, comparable to Redemption's ambition to broaden from MDI status.
• Beneficial State Bank: Mission-driven, B-Corp-certified community bank focused on economic, social, and environmental impact — comparable to Redemption on values-aligned banking, deposit model, and community-development orientation.

Regional players

• Hope Credit Union: Black-founded, MDI-equivalent credit union serving the Deep South with a deep community-development and racial-wealth-equity mandate — relevant peer for Redemption's mission focus, though structured as a credit union rather than a bank holding company.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/watch?v=9xWe7NuSzbA
• Instagraminstagram.com/bankredemption
• TikToktiktok.com/@bankredemption
• LinkedInlinkedin.com/company/redemptionbank

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Redemption Bank