BankMobile merges with Megalith Financial Acquisition

Friday 7 August 2020 09:18 CET | News

US-based BankMobile, a subsidiary of Customers Bank, and Megalith Financial Acquisition (MFAC) have entered into a definitive merger agreement.

Upon closing of the transaction, the combined company will operate as BM Technologies and expects to be listed on the NYSE. The transaction reflects an enterprise value for the company of USD 140 million. All BMT serviced deposits and loans will remain at Customers Bank after the closing of the transaction. According to GlobeNewswire, BM Technologies will be a financial technology company bringing banks and business partners together through its digital banking platform.

BankMobile provides its Banking-as-a-Service (BaaS) platform to colleges and universities through BankMobile Disbursements. Additionally, BankMobile recently announced the execution of an agreement with Google to introduce digital bank accounts, which will be available to its customers. It has also expanded its White-Label strategy most recently with T-Mobile for the launch of T-Mobile MONEY.

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Keywords: BankMobile, technology, Customer Bank, banks, Megalith Financial Acquisition, digital banking, digital, banking, BM Technologies, US, MFAC, transaction, NYSE, loans, financial, banking-as-a-service, BaaS, BankMobile Disbursements, Google, white-label, T-Monile, T-Mobile MONEY
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech

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