Private company
BM Technologies, Inc.
American state commercial bank, incorporated in Delaware1
In its 2024 annual report the company says: “We are a financial technology company that facilitates deposits and banking services between a customer and our partner banks, Customers Bank and First Carolina Bank, which are related parties and are Federal Deposit Insurance Corporation insured banks. We provide state-of-the-art high-tech digital banking and disbursement services to consumers and students nationwide through a full service fintech banking platform, accessible to customers anywhere and anytime through digital channels.”3 It is headquartered in Wayne, Pennsylvania.1
Last updated Oct 21, 2026.
Overview
- IndustryState Commercial Banks1
- HeadquartersWayne, Pennsylvania1
- Incorporated inDE2
- Business address201 King Of Prussia Road, Suite 650, Wayne, Pa 190872
- Filer category, Emerging growth company2
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We are a financial technology (“fintech”) company that facilitates deposits and banking services between a customer and our partner banks, Customers Bank and First Carolina Bank, (the “Partner Banks”), which are related parties and are Federal Deposit Insurance Corporation (“FDIC”) insured banks. We provide state-of-the-art high-tech digital banking and disbursement services to consumers and students nationwide through a full service fintech banking platform, accessible to customers anywhere and anytime through digital channels. Our fintech business model leverages Banking-as-a-Service (“BaaS”) partners’ and University partners’ existing customer bases to achieve high volume, low-cost customer acquisition in our Higher Education and BaaS businesses.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2023
Where the money goes
Where each dollar of revenue went, fiscal 2023
- Other costs100¢$55.2M
- Income tax0¢$16.0K
Out of $55.3M in revenue.4 The company lost money this year.
Where each dollar of operating cash went, fiscal 2023
- Capital spending19¢$292.0K
- Kept or used elsewhere81¢$1.2M
Out of $1.5M of cash from operations.4
Financial statements
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Revenue | $66.4M5 | $94.7M6 | $83.6M4 | $55.3M4 | |||
| Operating expenses | $89.0M6 | $92.9M4 | $75.2M4 | ||||
| Operating income | -$10.8M5 | $5.7M6 | -$9.3M4 | -$20.0M4 | |||
| Interest | $1.4M5 | $96.0K6 | $06 | ||||
| Income before tax | $22.8M6 | -$1.2M4 | -$17.3M4 | ||||
| Income tax | $216.8K7 | $788.0K8 | $23.0K5 | $5.8M6 | -$411.0K4 | $16.0K4 | |
| Net income | $295.0K7 | $4.3M8 | -$12.2M5 | $17.0M6 | -$779.0K4 | -$17.3M4 | |
| Earnings per share | -$1.995 | $1.446 | -$0.074 | -$1.504 | |||
| Earnings per share (diluted) | -$1.995 | $1.436 | -$0.074 | -$1.504 | |||
| Shares (weighted, basic) | 11.9M shares6 | 11.9M shares4 | 11.6M shares4 | ||||
| Shares (weighted, diluted) | 11.9M shares6 | 11.9M shares4 | 11.6M shares4 |
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Cash | $6097 | $1.2M8 | $482.7K8 | $3.0M5 | $25.7M6 | $21.1M4 | $14.3M4 |
| Receivables | $9.2M6 | $8.3M4 | $9.1M4 | ||||
| Current assets | $60911 | $1.3M7 | $520.2K8 | $15.4M5 | $37.0M6 | $38.4M4 | $28.6M4 |
| Property, plant and equipment | $346.0K6 | $508.0K4 | $535.0K4 | ||||
| Goodwill | $5.3M6 | $5.3M4 | $5.3M4 | ||||
| Intangible assets | $4.7M6 | $4.4M4 | $4.1M4 | ||||
| Total assets | $82.0K11 | $173.5M7 | $175.9M8 | $66.6M5 | $76.3M6 | $71.0M4 | $54.6M4 |
| Current liabilities | $58.8K11 | $675.4K7 | $764.1K8 | $39.8M5 | $24.6M6 | $19.3M4 | $22.9M4 |
| Total liabilities | $58.8K11 | $7.4M7 | $15.2M8 | $42.3M5 | $38.4M6 | $22.2M4 | $23.7M4 |
| Retained earnings | -$22.7M6 | -$23.5M4 | -$40.8M4 | ||||
| Shareholders’ equity | $23.2K7 | $5.0M8 | $34.6M5 | $24.3M6 | $38.0M4 | $48.9M4 | $31.0M4 |
| Shares outstanding | 6.1M shares5 | 12.2M shares6 | 12.2M shares4 | 12.0M shares4 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Cash from operations | -$357.6K7 | -$1.5M8 | $16.0M5 | $27.5M6 | $3.5M4 | $1.5M4 | |
| Stock-based compensation | $11.3M6 | $11.4M4 | $1.9M4 | ||||
| Capital spending | $73.0K5 | $138.0K6 | $499.0K4 | $292.0K4 | |||
| Free cash flow | $16.0M | $27.4M | $3.0M | $1.2M | |||
| Cash from investing | -$733.0K6 | -$5.7M4 | -$5.9M4 | ||||
| Share buybacks | $148.2M8 | ||||||
| Cash from financing | -$4.1M6 | -$2.4M4 | -$2.5M4 |
Corporate structure
BM Technologies, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of BM Technologies, Inc.
- CSS LLC/IL Filed SCHEDULE 13G/A on BM Technologies, Inc., latest Apr 8, 2025 (2 filings since Jan 2, 2025)
- LMR Partners LLP Filed SCHEDULE 13G on BM Technologies, Inc., latest Feb 14, 2025
- M3 PARTNERS LP Filed SCHEDULE 13G/A on BM Technologies, Inc., latest Feb 13, 2025 (2 filings since Nov 4, 2024)
- Pacific Ridge Capital Partners, LLC Filed SCHEDULE 13G/A on BM Technologies, Inc., latest Feb 12, 2025 (4 filings since Feb 14, 2022)
- De Lisle Partners LLP Filed SCHEDULE 13G on BM Technologies, Inc., latest Jan 17, 2025
- Funicular Funds, LP Filed SC 13G on BM Technologies, Inc., latest Nov 5, 2024
- Veradace Capital Management LLC Filed SC 13G/A on BM Technologies, Inc., latest Feb 14, 2024 (2 filings since Sep 22, 2023)
- VANGUARD GROUP INC Filed SC 13G/A on BM Technologies, Inc., latest Feb 13, 2024 (2 filings since Feb 9, 2023)
- Walleye Capital LLC Filed SC 13G/A on BM Technologies, Inc., latest Feb 24, 2023 (2 filings since Feb 15, 2023)
- Portolan Capital Management, LLC Filed SC 13G/A on BM Technologies, Inc., latest Feb 11, 2022
- BM Technologies, Inc. Wayne, Pennsylvania
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What BM Technologies, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Computer equipment and software | $77.3M4 Dec 31, 2023 | $73.0M4 Dec 31, 2022 | +5.9% |
| Property and equipment, before depreciation | $1.5M6 Dec 31, 2022 | $2.1M6 Dec 31, 2021 | −27.4% |
| Accumulated depreciation | $395.0K4 Dec 31, 2023 | $869.0K4 Dec 31, 2022 | −54.5% |
| Property and equipment, net | $535.0K4 Dec 31, 2023 | $508.0K4 Dec 31, 2022 | +5.3% |
| Operating-lease assets (leased space) | $06 Dec 31, 2022 | $398.0K6 Dec 31, 2021 | −100.0% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $14.3M4 Dec 31, 2023 | $21.1M4 Dec 31, 2022 | −32.3% |
Intangibles and goodwill
Leadership
Who has led BM Technologies, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
- Chief executive officerLuvleen Sidhu Jan 8, 2021 to Feb 3, 202512
- Chief executive officerSamvir S. Sidhu Aug 23, 2018 to Aug 23, 201813
- PresidentJames M. Donahue Apr 26, 2023 to Feb 3, 202514
- PresidentAndrew J. Dunklau Aug 23, 2018 to Aug 23, 201815
- Chief financial officerAjay Asija Apr 16, 2024 to Feb 3, 202516
- Chief financial officerJames Francis Dullinger Mar 17, 2023 to Apr 2, 202417
- Chief financial officerRobert H. Ramsey Jan 8, 2021 to Jan 9, 202318
- Chief financial officerPhilip Watkins Aug 23, 2018 to Aug 23, 201819
- Chief operating officerRobert Diegel Jan 8, 2021 to Jan 9, 202320
Board members and other officers (16)
- Chief Technology OfficerJames M. Donahue Jan 9, 2023 to Apr 26, 202321
- Executive Vice PresidentWarren Taylor Feb 15, 2023 to Feb 3, 202522
- Chief Accounting OfficerJames Francis Dullinger Mar 29, 2022 to Jul 5, 202223
- Board memberJohn J. Dolan May 19, 2022 to Feb 3, 202524
- Board memberAaron Hodari Jan 8, 2021 to Feb 3, 202525
- Board memberAndrew J. Dunklau Jan 8, 2021 to Sep 27, 202226
- Board memberBrent Hurley Jan 8, 2021 to Feb 3, 202527
- Board memberLuvleen Sidhu Jan 8, 2021 to Feb 3, 202512
- Board memberMarcy Schwab Jan 8, 2021 to Feb 3, 202528
- Board memberPankaj Dinodia Jan 11, 2021 to Jan 11, 202129
- Board memberBhanu Choudhrie Aug 23, 2018 to Sep 25, 201830
- Board memberEric Alan Frank Aug 23, 2018 to Aug 23, 201831
- Board memberJay S. Sidhu Aug 23, 2018 to Sep 25, 201832
- Board memberRajeev Date V. Aug 23, 2018 to Aug 23, 201833
- Board memberSamvir S. Sidhu Aug 23, 2018 to Aug 23, 201813
- Board memberKuldeep Malkani Aug 24, 2018 to Aug 24, 201834
Former names
- Megalith Financial Acquisition CorpDec 22, 2017 to Dec 22, 20202
Timeline
- Feb 3, 20258-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights35
- Jan 16, 20258-K Other events36
- Jan 6, 20258-K Shareholder vote37
- Dec 19, 20248-K Executive or director change38
- Nov 15, 20248-K Results of operations39
- Nov 6, 20248-K Change of auditor40
- Oct 25, 20248-K Other events41
- Oct 25, 20248-K Entered a material agreement42
- Aug 15, 20248-K Results of operations43
- Jun 20, 20248-K Shareholder vote44
- Jun 3, 20248-K Change of auditor45
- Apr 3, 20248-K Results of operations46
- Jan 8, 2021New chief executive Luvleen Sidhu becomes CEO12
- Aug 23, 2018New chief executive Samvir S. Sidhu becomes CEO13
Calendar
When it reported results
- Nov 15, 2024Reported quarterly or annual results39
- Aug 15, 2024Reported quarterly or annual results43
- Apr 3, 2024Reported quarterly or annual results46
- Nov 20, 2023Reported quarterly or annual results47
- Aug 22, 2023Reported quarterly or annual results48
- May 22, 2023Reported quarterly or annual results49
- Mar 27, 2023Reported quarterly or annual results50
- Nov 15, 2022Reported quarterly or annual results51
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
191 filings to the SEC since October 2021: 3 annual reports, 10 quarterly reports, 56 major events, 70 insider forms, 18 large holders, 34 other. The latest 20:
- Apr 8, 2025SCHEDULE 13G/A EDGAR
- Feb 21, 202515-12G EDGAR
- Feb 20, 2025EFFECT EDGAR
- Feb 14, 2025SCHEDULE 13G EDGAR
- Feb 13, 2025SCHEDULE 13G/A EDGAR
- Feb 13, 2025S-8 POS POST-EFFECTIVE AMENDMENT TO FORM S-8 EDGAR
- Feb 13, 2025S-8 POS POST-EFFECTIVE AMENDMENT TO FORM S-8 EDGAR
- Feb 13, 2025POS AM POST-EFFECTIVE AMENDMENT NO. 1 TO FORM S-1 EDGAR
- Feb 12, 2025SCHEDULE 13G/A EDGAR
- Feb 3, 20258-K CURRENT REPORT EDGAR
- Feb 3, 20254 OWNERSHIP DOCUMENT EDGAR
- Feb 3, 20254 OWNERSHIP DOCUMENT EDGAR
- Feb 3, 20254 OWNERSHIP DOCUMENT EDGAR
- Feb 3, 20254 OWNERSHIP DOCUMENT EDGAR
- Feb 3, 20254 OWNERSHIP DOCUMENT EDGAR
- Feb 3, 20254 OWNERSHIP DOCUMENT EDGAR
- Feb 3, 20254 OWNERSHIP DOCUMENT EDGAR
- Feb 3, 20254 OWNERSHIP DOCUMENT EDGAR
- Feb 3, 20254 OWNERESHIP DOCUMENT EDGAR
- Feb 3, 20254 OWNERSHIP DOCUMENT EDGAR
The 191 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- CSS LLC/ILSCHEDULE 13G/A, 2 filings Jan 2, 2025 to Apr 8, 202552
- LMR Partners LLPSCHEDULE 13G, 1 filing Feb 14, 202553
- M3 PARTNERS LPSCHEDULE 13G/A, 2 filings Nov 4, 2024 to Feb 13, 202554
- Pacific Ridge Capital Partners, LLCSCHEDULE 13G/A, 4 filings Feb 14, 2022 to Feb 12, 202555
- De Lisle Partners LLPSCHEDULE 13G, 1 filing Jan 17, 202556
- Funicular Funds, LPSC 13G, 1 filing Nov 5, 202457
- Veradace Capital Management LLCSC 13G/A, 2 filings Sep 22, 2023 to Feb 14, 202458
- VANGUARD GROUP INCSC 13G/A, 2 filings Feb 9, 2023 to Feb 13, 202459
- Walleye Capital LLCSC 13G/A, 2 filings Feb 15, 2023 to Feb 24, 202360
- Portolan Capital Management, LLCSC 13G/A, 1 filing Feb 11, 202261
SEC filer profile
How BM Technologies, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARBM Technologies, Inc.1
- CIK0001725872
- Employer ID (EIN)82-34103691
- Filer status<br>emerging growth company1
- Incorporated inDelaware1
- Fiscal year endsDecember 311
- Industry code (SIC)6022 State Commercial Banks1
- SEC reviewing officeOffice of Finance, Division of Corporation Finance1
- Business address201 King Of Prussia Road, Suite 650, Wayne, PA 190871
- Phone(877) 327-95151
- Shares outstanding12,099,490 as of Nov 14, 202410
- Public float$25.0M as of Jun 30, 20234
- On EDGAR sinceDec 22, 20171
- Filings368 in all: 8-K (84), 4 (69), 3 (28), SC 13G/A (24), SC 13G (20), 10-Q (19), DEFA14A (14), 425 (9)1
All 43 form types
CORRESP (8), S-1/A (8), NT 10-Q (7), 10-K (6), 8-K/A (6), DEF 14A (6), 4/A (5), UPLOAD (5), 424B3 (4), EFFECT (4), SCHEDULE 13G (3), SCHEDULE 13G/A (3), 25-NSE (2), 3/A (2), 8-A12B (2), ARS (2), CERT (2), NT 10-K (2), PRE 14A (2), PREM14A (2), S-1 (2), S-4/A (2), S-8 (2), S-8 POS (2), SC 13D (2), 10-K/A (1), 15-12G (1), 25 (1), 424B4 (1), DEFM14A (1), DRS (1), NT 10-K/A (1), POS AM (1), S-4 (1), SC 13D/A (1)
- Latest filingsAnnual report (10-K) Apr 5, 2024
Quarterly report (10-Q) Nov 14, 2024
Proxy statement (DEF 14A) Apr 29, 2024
Latest 8-K (8-K) Feb 3, 2025
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGARJames M. Donahue, President
- 15SEC EDGARAndrew J. Dunklau, President
- 16SEC EDGARAjay Asija, Chief financial officer
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- 24SEC EDGARJohn J. Dolan, Board member
- 25SEC EDGARAaron Hodari, Board member
- 26SEC EDGARAndrew J. Dunklau, Board member
- 27SEC EDGARBrent Hurley, Board member
- 28SEC EDGARMarcy Schwab, Board member
- 29SEC EDGARPankaj Dinodia, Board member
- 30SEC EDGARBhanu Choudhrie, Board member
- 31SEC EDGAREric Alan Frank, Board member
- 32SEC EDGARJay S. Sidhu, Board member
- 33SEC EDGARRajeev Date V., Board member
- 34SEC EDGARKuldeep Malkani, Board member
- 35
- 36SEC EDGAROther events
- 37SEC EDGARShareholder vote
- 38SEC EDGARExecutive or director change
- 39SEC EDGARResults of operations
- 40SEC EDGARChange of auditor
- 41SEC EDGAROther events
- 42SEC EDGAREntered a material agreement
- 43SEC EDGARResults of operations
- 44SEC EDGARShareholder vote
- 45SEC EDGARChange of auditor
- 46SEC EDGARResults of operations
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