Following the necessary regulatory approvals, banking-as-a-service (BaaS) provider BM Technologies is on track to own a bank charter by the end of this year.
The fintech expects this year to finalize its acquisition of Seattle-based First Sound Bank, an all-cash deal worth $23 million. The move would return BM Technologies, formerly known as BankMobile, to its banking roots.
The firm was incubated by Wyomissing, Pennsylvania-based Customers Bancorp for five years before it was acquired for $140 million by special-purpose acquisition company Megalith Financial Acquisition Corp.
‘A shift is taking place’: BM Technologies’ Luvleen Sidhu bets on BaaS, bank charter
