BM Technologies – One of the First Publicly Traded Neo Banking Fintechs of 2021
January 13 2021 - 10:05AM
BM Technologies, Inc. (NYSE American: BMTX, BMTX.W), one of the
largest digital banking platforms in the country,
announced that the company commenced trading on the NYSE
American on January 6, 2021 under the ticker symbols “BMTX” and
“BMTX.W.”
The newly formed listing is the result of the sale of BankMobile
Technologies, Inc., a wholly-owned subsidiary of Customers Bank, a
Pennsylvania bank, to Special Purpose Acquisition Company (SPAC),
Megalith Financial Acquisition Corp. The new parent company, BM
Technologies, Inc. will be one of the first publicly traded neo
banking fintechs and one of the first de-SPACs of 2021.
“I am proud to see BM Technologies take this historic step and
enter the public markets,” said Co-Founder and CEO Luvleen Sidhu.
“We are delighted to be one of the first neo banking fintechs to go
public. We are also EBITDA positive today, which serves to set us
apart from other neo banking fintechs in the market.”
Sidhu, who started the company at age 28, is now one of the few
young, female CEOs of a publicly traded company and likely the
youngest female founder and CEO to ever take a company public. She
founded the company with the mission to create a financially
empowering banking experience rooted in affordability,
transparency, and exceptional customer service.
Sidhu, who has overseen the strategy since the 2015 launch, also
helped develop the company’s disruptive, multi-partner distribution
model known as “Banking-as-a-Service” (BaaS). BM Technologies
partners with large companies with established customer bases to
leverage its technology and significantly reduce customer
acquisition costs while providing substantial benefits to its
business and banking partners. Today, BMTX provides its BaaS
platform to colleges and universities through BankMobile
Disbursements, which serves more than five million students on
722 campuses nationwide. Through this distribution channel,
BMTX serves one in every three college students in the
country. BMTX also offers its BankMobile Workplace
Banking platform, a financial wellness service that offers
innovative banking products that carry generous interest, early
payday, built-in money management tools, over 55,000 fee-free
Allpoint® ATMs, and a robust banking app through its banking
partners.
Additionally, BMTX recently announced the execution of an
agreement with Google to introduce digital bank accounts, which
will be available to its customers. BMTX has also expanded its
white-label strategy with T-Mobile for the launch of T-Mobile
MONEY.
“We are well positioned for growth and innovation and look
forward to building our business over the coming years and taking
advantage of all strategic opportunities,” noted Sidhu.
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About BM Technologies, Inc.
BM Technologies, Inc. (NYSE American: BMTX, BMTX.W) is among the
largest digital banking platforms in the U.S., providing access to
checking and savings accounts, personal loans and credit cards.
BankMobile was named the “Most Innovative Bank” by LendIt Fintech
in 2019, providing an alternative banking technology to the
traditional model. It is focused on technology, innovation,
easy-to-use products and education with the mission of being
“customer-obsessed” and creating “customers for life.” The
BankMobile platform employs a multi-partner distribution model,
known as “Banking-as-a-Service” (BaaS), that enables the
acquisition of customers at higher volumes and substantially lower
expense than traditional banks. Its efficient operating model
enables partner banks to provide low-cost banking services to
low/middle-income Americans who have been left behind by the
high-fee model of “traditional” banks. Today, the BankMobile BaaS
platform is provided to colleges and universities and currently
serves over two million account-holders, and provides disbursement
services at 722 campuses (covering one out of every three students
in the U.S.). BM Technologies, Inc. is a technology company
and is not a bank and provides banking services through its partner
banks. More information can also be found here.
Aly Grala
BankMobile
212-805-3057
agrala@rubensteinpr.com