BankMobile Technologies, a subsidiary of Clients Bank plus a digital banking system provider, has entered a merger agreement with Megalith Financial Acquisition Corp. Included in this bargain, the combined business will function as BM Technologies Inc., according to a media release.
All BMT loans and residue will stay with Clients Bank, whilst BM Technologies will concentrate on attracting banks and business partners closer together through its electronic banking platform.
“There has been rapid development of electronic banking systems, or neobanks, as numerous clients hunt for significantly less problematic accessibility to banking services,” A.J. Dunklau, CEO of MFAC, stated at the release. “We feel that BankMobile’s strategy to collaborate with supply partners and associate banks, positions it well to continue to grow as an increasing amount of non-banks are wanting to give financial solutions to their current clients. Accordingly, we think that the chance to attract BankMobile into the general public markets as a standalone organization is extremely attractive.”