BM Technologies (BMTX) is one of the largest digital banking platforms and banking-as-a-service (BaaS) providers in the US, providing unbanked and underserved consumers with greater access to financial products through the brands they use on a daily basis. Formerly known as BankMobile, it was founded in 2015 by Luvleen Sidhu, then went public in 2021.
One of the biggest areas of focus for BMTX is higher education. It works with approximately 750 college and university campuses in the US, providing one-third of college-bound students access to checking accounts and other financial services, using the same card that unlocks their dorm room or pays for their meals.
Chief Technology Officer Jamie Donahue explains where the business has come from and how its entire approach today is motivated by that original mission statement – to financially empower millions of Americans by providing a more affordable, transparent, and consumer-friendly banking experience. He says that BMTX can roll out a white-label embedded banking service in as little as 90 days.
He also talks about the turnkey side of the business, where BMTX can create a made-to-order application like it has done with high-profile client T-Mobile. The company expects to announce another exciting partner during the first half of 2023.