BM Technologies, Inc. (BMTX) Expands its Banking-as-a-Service Offering to Credit Unions and Community Banks

Radnor, PA, Aug. 04, 2021 (GLOBE NEWSWIRE) -- BM Technologies, Inc. (NYSE American: BMTX), one of the largest digital banking platforms in the country, announced it is expanding its Banking-as-a-Service (BaaS) offering to credit unions and community banks. Through this platform, BMTX will help these financial institutions accelerate their digital strategies with state-of-the-art mobile and web-based banking apps and also provide back office banking operations, compliance, fraud and risk management and customer service support if needed.

“Credit unions and community banks often support underserved communities, and we feel that today’s announcement is a significant milestone because it allows us to help more Americans access our financially empowering platform. We are now providing a modern, customizable and customer-centric solution to credit unions and community banks,” stated Luvleen Sidhu, Chair, CEO and Founder of BM Technologies (BMTX). “Our BaaS product is a very cost effective alternative that also significantly improves the quality of their existing offerings. We will also serve as a strategic partner and create efficiency improvements for these institutions.”

While community banks and credit unions play a very important role in providing financial access to a broad group of consumers, they are often lagging in their digital capabilities. A 2020 BAI report revealed that only 61% of consumers feel that their community bank or credit union understands their digital needs. These organizations ranked the lowest out of all financial services providers surveyed.* Additionally, earlier this year, Cornerstone Advisors revealed that 35% of credit unions are interested in partnering with fintechs for digital account opening in 2021.** BMTX’s expansion of its BaaS platform will enable these organizations to provide technologically-advanced services to help them attract and retain customers.

Features of BMTX’s BaaS product include: optional interest-bearing savings accounts; access to more than 55,000 fee-free Allpoint^® ATMs; early payday; money management tools; robust mobile apps; and credit such as personal loans and credit cards.

“Our cloud native reference architecture allows for seamless integration to the majority of the legacy platforms that are muting the digital capabilities of credit unions and community banks” stated, Jamie Donahue, CTO and CDO of BMTX. “Additionally, our BaaS platform deployment model allows for industry-leading integration speed that is also easily incorporated into our web and mobile offerings. These capabilities will accelerate digital transformation across the community banking sector.”

Through its BaaS model, BMTX serves approximately 735 colleges and universities, covering one in every three college students in the U.S. BMTX also expanded its white label business beyond the college sector in recent years.

Launched in January 2015, BMTX is on a mission to provide a digital-first banking experience that is simple, affordable and customer-centric. The company went public this year and is being traded under the fintech stock ticker symbol BMTX. With approximately two million accounts, BMTX is EBITDA-positive. Its low-cost distribution and profitable model continue to set it apart from other neobanking fintechs in the market.

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About BM Technologies, Inc. (BMTX)

BM Technologies, Inc. (NYSE American: BMTX)—formerly known as BankMobile—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 735 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 www.bmtx.com.

*BAI: BAI Banking Outlook: COVID-19 Digital Banking Update

**Cornerstone Advisors Release: New Research: Interest Rate, Economy Top Financial Institutions' Concerns for 2021

CONTACT: Sara Klein BM Technologies 212805308 sklein@rubensteinpr.com