- Opportunistic technology acquisition enhances BMTX's features and capabilities -
RADNOR, PA / ACCESSWIRE / June 20, 2023 / BM Technologies, Inc. (NYSE American:BMTX), one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers, announced it has entered into a definitive asset purchase agreement to acquire Envel, Inc.'s software technology.
Envel is one of the first digital banking platforms to use AI to automate elements of people's financial lives such as budgeting, savings, and investments. The product helps customers manage their finances- from simple budgeting to investments-and includes unique features like digital envelopes to help customers manage their money from spending to saving.
Commenting on the acquisition, Luvleen Sidhu, BMTX's Chair, CEO, and Founder said, "We are excited to be announcing this acquisition and believe that Envel's vision to help millions of people improve their financial fitness through automating every element of banking, payments, and investing is in alignment with BMTX's mission of financial empowerment. The platform is designed to help users better manage their money, avoid unnecessary debt, and create real savings and wealth through its unique ‘Autopilot' function. The acquisition is consistent with our focus on opportunistically looking for ways to enhance our products and technology to better attract, engage, and retain customers. We intend to continue to invest in our platform to ensure we create a valuable and long-term relationship with our customers."
Steve Le Roux, Founder of Envel commented, "BMTX is a great place for the technology we developed. With their unique customer acquisition strategy and scaled customer base, the Envel technology can continue to grow and help millions of people on their path to financial independence, continuing the Envel journey."
Launched in 2015, BMTX is one of America's largest digital financial services platforms and a pioneer in the BaaS sector, powering FinTechs and brands to expand access to digital banking products through its award-winning technology.
About BM Technologies, Inc.
BM Technologies, Inc. (NYSE American: BMTX) - formerly known as BankMobile - is among the largest Banking-as-a-Service (BaaS) providers in the country. 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. 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 www.bmtx.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. In general, forward-looking statements may be identified through the use of words such as "anticipate," "estimate," "expect," "intend," "plan," will," "should," "plan," "continue," "potential" and "project" or the negative of these terms or other similar words and expressions, and in this press release, include the expected cost savings from the PEP, the expected margin improvement on servicing fees, and our 2023 Financial Outlook. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties. Such statements are based on Management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Investors are cautioned that there can be no assurance actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors.
These risks and uncertainties include, but are not limited to, general economic conditions, consumer adoption, technology and competition, continuing interest rate volatility, the ability to enter into new partnerships, regulatory risks, risks associated with the higher education industry and financing, and the operations and performance of the Company's partners, including bank partners and BasS partners. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings "CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS" and "Risk Factors" in the Company's Annual Report on Form 10-K and other documents filed with the Securities and Exchange Commission ("SEC"). The Company's SEC filings are available publicly on the SEC website at www.sec.gov.
Many of these factors are beyond the Company's ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and BMTX undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law. BMTX qualifies all forward-looking statements by these cautionary statements.
Investor Relations Contact:
Brian M. Prenoveau, CFA
MZ Group - MZ North America
561 489 5315
SOURCE: BM Technologies
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