BM Technologies, Inc.
bmtx.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2024 10-Q, filed Nov 14, 2024. Its latest SEC filing is a SCHEDULE 13G/A from Apr 8, 2025.
10-Q for Q3 FY2024, filed Nov 14, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Provides a digital banking platform to consumers and students and financial-aid and student-refund disbursement services to higher education institutions.
10-K for FY2023, filed Apr 5, 2024
Who Were Their Customers?
Consumers and students access the platform digitally; higher education institutions contract for student refund-disbursement services, while partner banks work with BMTX on deposits and pay servicing fees.
10-K for FY2023, filed Apr 5, 2024We are a financial technology (“fintech”) company that facilitates deposits and banking services between a customer and our partner banks…View ↗
BMTX facilitates deposits and banking services between a customer and our partner banks, Customers Bank and First Carolina Bank, (the…View ↗
BMTX earns university fees from Higher Education clients in exchange for financial aid and other student refund disbursement services…View ↗
10-K for FY2023, filed Apr 5, 2024
For the twelve months ended December 31, 2023 and 2022, Customers Bank, through a Deposit Processing Services Agreement and Amendment…View ↗
Did Revenues Turn Into Profits?
Not on paper. It lost $17.3M in FY2023, but brought in more cash than it spent: $1.2M of free cash flow.
10-K for FY2023, filed Apr 6, 2024
−$20MView ↗
10-K for FY2023, filed Apr 6, 2024
−$17.3MView ↗
10-K for FY2023, filed Apr 6, 2024
$1.2MView ↗
How Were They Changing?
- Net income
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Sources
10-Q for Q3 FY2024, filed Nov 15, 2024
−$5MView ↗
- ▲ +26% (Loss)
- vs −$4M in Q3 FY2023
10-Q for Q3 FY2024, filed Nov 14, 2024
Open tableView ↗
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Feb 3, 2025
First Carolina Bank completed its acquisition of BM Technologies
Shares converted into $5.00 cash each, and the company became a wholly owned subsidiary; trading was halted.
Sources
8-K, filed Feb 3, 2025
Pursuant to the Merger Agreement, at 11:59 p.m., Eastern Time, on January 31, 2025 (the “Effective Time”), each share of common stock, par…View ↗
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Nov 6, 2024
KPMG returned for a limited third-quarter review
KPMG had resigned after its second-quarter review; its new engagement ends after the third-quarter review.
Sources
8-K, filed Nov 6, 2024
As previously disclosed in BM Technologies, Inc.’s (the “Company”) Current Report on Form 8-K dated June 3, 2024, KPMG LLP (“KPMG”), the…View ↗
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Jun 3, 2024
KPMG resigned as BM Technologies’ independent auditor
The company was selecting a new independent registered public accounting firm.
Sources
8-K, filed Jun 3, 2024
On May 3, 2024, BM Technologies, Inc. (the “Company”) initiated a Request for Proposal (“RFP”) related to the selection of the Company’s…View ↗
From blank-check company to digital banking
The older report describes a blank-check company seeking a business combination; the latest describes a digital banking and disbursement platform serving consumers and students.
10-K for FY2020, filed Mar 31, 2021 10-K for FY2023, filed Apr 5, 2024We are a blank check company incorporated as a Delaware corporation in November 2017 and formed for the purpose of effecting a merger…View ↗
We are a financial technology (“fintech”) company that facilitates deposits and banking services between a customer and our partner banks…View ↗
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