BM Technologies Engages KPMG LLP as Independent Registered Public Accounting Firm

Radnor, PA, July 25, 2022 (GLOBE NEWSWIRE) --  (NYSE American: BMTX) (the “Company”), one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers, reported that on July 22, 2022, and effective immediately, the Audit Committee of the Board of Directors engaged KPMG LLP (“KPMG”) as the Company's new independent registered public accounting firm for the Company’s fiscal year 2022 and related interim periods.

Commenting on the engagement, Luvleen Sidhu, Chair, CEO, and Company founder stated, “Following an extensive RFP process which yielded several highly qualified firms, we are excited to begin working with a world class auditor like KPMG. KPMG has substantial experience with both fintech and financial services companies in the U.S., a vast team of U.S. professionals, and a collaborative, data driven approach that resonated with us.” 

The Company expects to announce its second quarter 2022 financial results no later than the week of August 15th, 2022, and file its March 31 and June 30, 2022 Form 10-Qs immediately thereafter. 

About BM Technologies, Inc.

BM Technologies, Inc. (NYSE American: BMTX)—formerly known as BankMobile—is among the largest digital banking platforms and Banking-as-a-Service (BaaS) providers in the country, providing access to checking and savings accounts, personal loans, credit cards, and financial wellness. It is focused on technology, innovation, easy to use products, and education with the mission to financially empower millions of Americans by providing a more affordable, transparent, and consumer-friendly banking experience. The BM Technologies (BMTX) digital banking platform employs a multi-partner distribution model, known as "Banking-as-a-Service" (BaaS), that enables the acquisition of customers at higher volumes and substantially lower expense than traditional banks, while providing significant benefits to its customers, partners, and business. BM Technologies (BMTX) currently has approximately two million accounts and provides disbursement services at approximately 750 college and university campuses (covering one out of every three college students in the U.S.). BM Technologies, Inc. (BMTX) is a technology company and is not a bank, which means it provides banking services through its partner bank. More information can be found at .

BMTX has signed a definitive agreement to merge with First Sound Bank, a Seattle, Washington-based business bank. The combined company will be a fintech-based bank focused on serving customers digitally nationwide. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the second half of 2022.