Shares are up roughly 30% over the last 12 months, a gain that is even more remarkable considering that the last two tax seasons were shaken up by the pandemic. (GS) bankers and announcing plans to launch a fintech company last year.īarron’s highlighted H&R Block as a stock pick last year, soon after it unveiled its strategy to move beyond tax prep, which has accounted for more than 80% of revenue. (WMT) has made moves in fintech, hiring former H&R Block isn’t the only company looking to get into banking. Offering Spruce is yet another way for H&R Block to leverage those physical locations. While H&R Block has an online service for doing taxes, it also operates bricks-and-mortar locations for customers who either want to pop in for quick help or full tax planning. In many ways, banking is a natural fit for the company, given its annual visibility into the finances of households and small businesses. Spruce is the latest effort of H&R Block to offer more than just tax-planning services.
In an interview with Barron’s Jones explained that Emerald offers a “quick mechanism” to receive a tax refund, whereas Spruce will offer services to help with setting and meeting financial goals.
H&R Block also offers an Emerald debit card that allows customers to receive their tax refund and other direct deposits, as well as paying bills.
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“Our front row seat on American life provides a unique understanding of how to help people get better with money, and we’ve applied those learnings to Spruce,” Jeff Jones, chief executive of H&R Block, said in a statement when Spruce was rolled out. H&R Block, which partnered with FDIC-insured Metabank for the Spruce product, is targeting its existing tax clients first.