BM Technologies, Inc. (BMTX) Announces Partnership with Array
Collaboration Enables Digital Banking Platform to Integrate Consumer Credit Monitoring and Identity Protection Capabilities into its White-Label Offering
Radnor, PA, June 30, 2021 (GLOBE NEWSWIRE) — BM Technologies, Inc. (NYSE American: BMTX, BMTX.W), one of the largest digital banking platforms in the country, announced it has partnered with Array, the leading embeddable consumer credit monitoring and identity protection platform. Through this collaboration, BM Technologies (BMTX) will be able to offer customizable credit-related capabilities as a part of its Banking-as-a-Service (BaaS) product offering.
“Our partnership with Array will allow us to deliver a superior BaaS product by adding consumer credit information, identity tools and more financial management capabilities to our offering. Given our modern technology stack, we will be able to easily integrate Array’s user-friendly tools into our product to provide our customers with a seamless experience,” stated Jamie Donahue, Chief Technology Officer at BM Technologies (BMTX).
BM Technologies’ (BMTX) BaaS product offering will soon include credit scores and detailed credit reports to users. The new feature will also demonstrate how credit scores can be impacted by specific actions or behaviors and users can opt in to receiving alerts about changes to their credit profile. This will help BM Technologies’ (BMTX) customers better manage their financial lives specifically around credit and also drive deeper user engagement and improved retention of the company’s customer base.
“By integrating our tools into BM Technologies’ (BMTX) BaaS platform, we are providing account holders access to additional important financial information,” stated Martin Toha, Founder and CEO of Array. “Our portfolio of consumer data tools is dedicated to helping companies enhance the customer journey and enable account holders to make smarter decisions.”
Launched in January 2015, BM Technologies (BMTX), formerly known as BankMobile, is on a mission to provide a digital-first banking experience that is simple, affordable and customer-centric. The company went public this year and is being traded under the fintech stock ticker symbols BMTX and BMTX.W. With approximately two million accounts, BM Technologies (BMTX) is EBITDA-positive. Its low-cost distribution and profitable model continue to set it apart from other neobank fintechs in the market.
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About BM Technologies, Inc. (BMTX)
BM Technologies, Inc. (NYSE American: BMTX, BMTX.W)—formerly known as BankMobile— is among the largest digital banking platforms in the U.S., 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 of being “customer-obsessed” and creating “customers for life.” 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 735 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 also be found at https://ir.bmtxinc.com/.
About Array
Array provides embedded consumer credit, identity, and financial wellness management solutions for fintechs and financial institutions through our API and library of web components. Our dedicated team helps our clients democratize credit data, promote financial wellness and drive user engagement. Array is a fully distributed company with over 100 employees working from North America, Europe, and Asia – with roots in New York City. To learn more, visit www.array.com.
CONTACT: Kati Waldenburg BM Technologies, Inc. (BMTX) 212-805-3014 kwaldenburg@rubensteinpr.com
