![]() 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. “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.
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