BM TECHNOLOGIES ( BMTX )
BM Technologies is bringing banking to brands
“ Banking ' s hard ,” Jamie Donahue explains . “ It ' s a hard industry . If you think about what a brand would do to acquire a bank charter , it ' s just not natural . In T-Mobile ' s case , it ' s a wireless carrier , and we bring a bank to their brand and a bank to their customers . It ' s really powerful to be able to tie those things together . We do everything from all the regulatory and compliance that goes with that : all the security , all the risk , and all the fraud operations .”
The two firms have enjoyed a fruitful relationship for several years , and this proven track record is helping to establish BMTX as a trusted partner for new clients . The company is preparing to announce a partnership with a new partner , which will be more of a hybrid offering – something it believes is a sign of the way the industry is going .
The company expects to share more details about this mysterious new partner in the first half of 2023 . But , for now , it is able to disclose that the business has global operations and tens of millions of customers in the US . BMTX was awarded the relationship through a competitive RFP process , underscoring the attractiveness of its BaaS offering within the marketplace .
A pedigree in higher education The largest part of BM Technologies ’ business is its higher-education portfolio , where it has built itself considerable esteem . One third of US college-bound students will encounter BMTX ’ s technology without necessarily realising it . In fact , of the roughly 1,200 universities and colleges in the country , around 750 college and university campuses use the fintech ’ s technology to offer disbursement to bank account services . “ We have a pretty prominent position there ,” Donoghue proclaims .
BMTX ’ s higher-education business actually emerged from its acquisition of Higher One , the universities and collegefocused technology company founded in
54 December 2022