BM Technologies

BM Technologies (formerly known as BankMobile) operates a mobile-only platform that provides banking services to individuals. The company is a spin-off from Customers Bank and has been operating as a standalone bank since January 2021. 

Products offered by the company include checking accounts, savings accounts, credit cards, and loans. BM Technologies also offers a checking account facility exclusively to students of universities or colleges dubbed as ‘BankMobile Vibe’. Features offered by the account include debit cards, mobile check deposits, same-day disbursement of financial aid refunds, and budgeting tools. In addition to this, the platform provides workplace checking accounts to facilitate financial wellness among employees. 

In addition to directly offering banking products directly to customers, the platform provides white-label banking solutions to B2B customers, enabling them to build and incorporate banking-related products to their own business model. 

In June 2023, BM Technologies entered into a definitive agreement to acquire Envel Inc's software technology . Envel provides a banking app that leverages AI and behavioral science to optimize people's finances in real-time and automate their budgeting, savings, and investments. The acquisition aligns with BM Technologies’ strategic objective of actively seeking opportunities to improve its products and technology in order to attract, engage, and retain customers effectively.

In November 2021, BM Technologies announced its plans to merge with community business bank First Sound Bank in a USD 23 million all-cash deal (subject to approval by regulatory authorities). Through the merger, the bank aimed to leverage First Sound Bank’s bank charter to operate and expand its product offering. However, it terminated the merger in December 2022 in favor of operating as a fintech institution in partnership with a sponsor bank after evaluating its broader strategy and macro environment, as this will not require any on-balance sheet capital while eliminating any credit risk that entails with it.

Key customers and partnership

As of November 2020, BM Technologies had over two million customers. It offers banking services in partnership with Customers Bank.

Funding and financials

In August 2020, BM Technologies announced a merger with special purpose acquisition company (SPAC) Megalith Financial Acquisition Corp, through which it would go public on the NYSE. The company stated that all deposits and loans serviced by BM Technologies would remain under Customers Bank following the merger. The transaction was finalized in January 2021.  

In 2023, the company reported a revenue of USD 55.2 million (down 33.9% YoY) while generating a net loss of USD 17.3 million compared with a net loss of USD 1.0 million in 2022.