BM Technologies (NYSE: BMTX) to Ring New York Stock Exchange Opening Bell on May 21, 2021 to Celebrate Recent Listing and Rec...
May 20 2021 - 11:56AM
BM Technologies, Inc. (NYSE American: BMTX, BMTX.W), one of the
largest digital banking platforms in the country, announced that it
will ring the New York Stock Exchange Opening Bell on Friday, May
21, 2021 at 9:30am EDT. The event will celebrate the company’s
recent listing on The New York Stock Exchange and its record Q1
2021 results. Luvleen Sidhu, Chair, CEO and Founder of BM
Technologies (BMTX), along with members of the company’s leadership
team, will be ringing the bell to mark these milestones.
BM Technologies (BMTX), formerly known as BankMobile, went
public through a merger with Special Purpose Acquisition Company
Megalith Financial Acquisition Corp in January 2021. The
company is being traded under the fintech stock ticker symbols BMTX
and BMTX.W. It became one of the first publicly-traded neobanking
fintechs and one of the first de-SPACs of 2021.
With approximately two million accounts, BM Technologies (BMTX)
delivered strong Q1 2021 performance. The company had an EBITDA of
$8.7 million, up 10x year-over-year, and core Q1 revenues over $24
million, up 54% compared to Q1 2020. Ending Q1 deposits were over
$1.5 billion and debit card spend was $881 million. These results
were driven by new account growth and the platform’s deep customer
engagement. BM Technologies’ (BMTX) low cost distribution and
profitable model continues to set it apart from other neobanking
fintechs in the market.
The bell ringing will be streamed live on The New York Stock
Exchange’s website: https://www.nyse.com/bell and a video will be
available after the market opens.
“It is exciting to celebrate BM Technologies (BMTX) going public
and our record Q1 performance by ringing the NYSE Opening Bell and
following in the footsteps of so many great companies before us,”
stated Sidhu. “Our mission is to make banking more affordable,
transparent and consumer-friendly and to provide millions of
Americans with a financially-empowering banking experience. We are
committed to this mission and also have a vision to create a
company with a market cap of $500 million to over $1 billion over
the next three to five years.”
Sidhu will become one of the youngest female Founders and CEOs
of a public company to ring the bell. Additionally, according to
available records, this will the first time that a
father-daughter-son trio have listed separate companies on the
exchange. Sidhu’s father Jay Sidhu listed both Sovereign Bank and
Customers Bank and brother Sam Sidhu listed Megalith Financial.
Launched in January 2015, BM Technologies (BMTX) has a
disruptive, multi-partner distribution model, known as
Banking-as-a-Service (BaaS).Today, it provides its BaaS platform to
colleges and universities through BankMobile Disbursements,
which serves approximately one in every three college students in
the United States. BM Technologies (BMTX) also expanded its BaaS
strategy with T-Mobile for the launch of T-Mobile MONEY and
executed an agreement with Google to introduce digital banking
accounts, which will be available to its student customers.
# # #
About BM Technologies, Inc. (BMTX)
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, credit cards, and
financial wellness. 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 BM
Technologies (BMTX) digital banking 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, while
providing significant benefits to its customers, partners and
business. BM Technologies (BMTX) currently has approximately two
million accounts and provides disbursement services at
approximately 725 college and university campuses (covering one out
of every three college students in the U.S.). BM Technologies,
Inc. (BMTX) is a technology company and is not a bank, which means
it provides banking services through its partner bank. More
information can also be
found at https://ir.bmtxinc.com/.
Kati Waldenburg
BM Technologies, Inc. (BMTX)
2128053014
kwaldenburg@rubensteinpr.com
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