BM Technologies (BMTX)

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 savings accounts, checking accounts, personal loans and credit cards through the brands they already 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 in the country access to checking accounts and other financial services using the same card that unlocks their dorm room or pays for their meals.

It also offers household brands the chance to launch a made-to-order bank without the expense, time considerations and regulatory implications that once would have brought. In fact, the company’s Chief Technology Officer, Jamie Donahue, believes that embedded banking will reshape the future of finance and brands will increasingly rely on ‘super app’ functionality to keep customers within their own ecosystem.

“We think people will go to brands they like to do business with, they're comfortable with, and they trust. And there'll be banking features within that ecosystem,” Donahue says. “We believe that there's a new era upon us where financial services and banking functions will be embedded within your favourite brands and be much more ubiquitous than it is today.”