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BM Technologies, Inc. (BMTX) has expanded its senior leadership team by appointing Jason Swartley as General Counsel, Amanda Meyer as SVP of People, and Steve Lenderman as SVP of Global Loss Prevention & Fraud Management. Swartley brings extensive legal expertise, while Meyer has a strong background in human resources and organizational transformation. Lenderman leads fraud prevention efforts with over 25 years of experience. These strategic hires aim to facilitate BMTX's growth and strengthen its digital banking platform, which serves around two million accounts.
BM Technologies, Inc. (NYSE American: BMTX) announced the engagement of KPMG LLP as its new independent registered public accounting firm, effective July 22, 2022. The decision follows a thorough RFP process. CEO Luvleen Sidhu expressed optimism about partnering with KPMG, citing their extensive experience in fintech and financial services. The company plans to release its second quarter 2022 financial results by the week of August 15, 2022, and will file its 10-Q forms shortly thereafter. BM Technologies is set to merge with First Sound Bank, subject to regulatory approval, expected to finalize in the second half of 2022.
BM Technologies, Inc. (NYSE American: BMTX) received a notice from NYSE Regulation on May 24, 2022, indicating it is not in compliance with the exchange's continued listing standards due to the late filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. The company has a six-month grace period to rectify this issue and expects to file the report within 60 days. Additionally, the company is in the process of selecting a new independent registered public accounting firm after the resignation of BDO USA LLP. BM Technologies aims to merge with First Sound Bank, pending regulatory approval, targeting a closure in H2 2022.
BM Technologies, Inc. (NYSE American: BMTX) reported preliminary results for Q1 2022, projecting net income over $2.5 million and EBITDA exceeding $8 million, surpassing consensus estimates. Total revenue is anticipated at approximately $25 million, with average serviced deposits rising 60% year-over-year to $2.1 billion. The company executed a term sheet with a significant new Banking-as-a-Service (BaaS) partner, aiming for a finalized contract within 90 days. Additionally, a merger with First Sound Bank is on track, expected to close by year-end.
BM Technologies, Inc. (BMTX) has expanded its Board with the appointment of John Dolan as the chairperson of the Audit Committee. Dolan brings over 30 years of banking experience, having previously served as CFO and CEO of First Commonwealth Financial Corporation. His expertise includes financial reporting, regulatory compliance, and strategic growth through acquisitions. The addition of Dolan is seen as valuable for BMTX as it transitions to a fintech bank. Furthermore, the company has signed a definitive agreement to merge with First Sound Bank, anticipated to close in the second half of 2022.
BM Technologies, Inc. (BMTX) announced it expects to complete its 10-K filing early this week after receiving notice from NYSE Regulation regarding non-compliance with listing standards due to delays in submitting its Annual Report. The company has a six-month period, until September 30, 2022, to file its report to regain compliance. The 10-K will include restatements of previously issued financial statements, though it states these corrections won't affect reported revenues or key financial metrics.
BM Technologies reported a stellar year-end for 2021, with revenues hitting $94.6 million, up 41% from 2020. Core EBITDA surged 625% to $28.6 million. In Q4 alone, revenues rose 46% to $25.3 million, and the net loss improved to $(1.1) million from $(3.4) million in Q4 2020. Average serviced deposits increased 111% year-over-year to $2.0 billion. The company is focused on completing its merger with First Sound Bank and anticipates strong growth in 2022.
BM Technologies (BMTX) will host a live webcast on April 1, 2022, at 9:00 AM ET to discuss its fourth quarter and full year 2021 earnings. The company, one of the largest digital banking platforms, is focused on technology and innovation in Banking-as-a-Service (BaaS). BM Technologies serves approximately two million accounts and operates on nearly 750 college campuses, reaching one in three college students in the U.S. Additionally, BMTX announced plans to merge with First Sound Bank, pending regulatory approvals, to create a fintech-based bank.
BM Technologies, Inc. (BMTX) announced the appointment of Jim Dullinger as Chief Accounting Officer (CAO). Dullinger brings over 25 years of experience in accounting and financial operations, primarily in banking and technology. His role will focus on ensuring the integrity of BMTX's accounting and financial reporting as the company aims to scale effectively. BM Technologies, launched in 2015, is a leading digital banking platform, serving approximately 2 million accounts and providing services at around 750 college campuses. The company is also merging with First Sound Bank to enhance its fintech capabilities.
