Radnor, PA, May 20, 2021 (GLOBE NEWSWIRE) -- 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.
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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/.