BM Technologies expands its BaaS offering to credit unions and community banks

By Pavithra R

BM Technologies, one of the largest digital banking platforms in United States, has announced expanding its Banking-as-a-Service (BaaS) offering to credit unions and community banks.

BMTX, through the platform, will help FIs accelerate their digital strategies with state-of-the-art mobile and web-based banking apps and also provide back-office banking operations, compliance, fraud and risk management and customer service support if needed.

“Credit unions and community banks often support underserved communities, and we feel that today’s announcement is a significant milestone because it allows us to help more Americans access our financially empowering platform. We are now providing a modern, customizable and customer-centric solution to credit unions and community banks. Our BaaS product is a very cost effective alternative that also significantly improves the quality of their existing offerings. We will also serve as a strategic partner and create efficiency improvements for these institutions,” said Luvleen Sidhu, Chair, CEO and Founder of BM Technologies (BMTX).

Features of BMTX’s BaaS product include optional interest-bearing savings accounts; access to more than 55,000 fee-free Allpoint ATMs; early payday; money management tools; robust mobile apps; and credit such as personal loans and credit cards.

“Our cloud native reference architecture allows for seamless integration to the majority of the legacy platforms that are muting the digital capabilities of credit unions and community banks. Additionally, our BaaS platform deployment model allows for industry-leading integration speed that is also easily incorporated into our web and mobile offerings. These capabilities will accelerate digital transformation across the community banking sector,” said Jamie Donahue, CTO and CDO of BMTX.

Launched in 2015, BMTX is on a mission to provide a digital-first banking experience that is simple, affordable and customer-centric. The firm went public this year and is being traded under the fintech stock ticker symbol BMTX. With approximately 2mn accounts, BMTX is EBITDA-positive.