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BM Technologies, Inc. (BMTX) reported a full-year 2022 revenue of $83.6 million and a net loss of $0.8 million. Key developments include a new partnership with First Carolina Bank for its Higher Education business and a two-year renewal of its largest Banking-as-a-Service (BaaS) partnership. The Profit Enhancement Plan aims for $15 million in targeted cost savings for 2023. Average serviced deposits totaled $1.8 billion, with debit card spend at $2.9 billion. BMTX expects improved financial metrics in H2 2023, driven by new fee structures and operational efficiencies.
BM Technologies, Inc. (NYSE American: BMTX) announced the appointment of Raj Singh as Co-CEO, alongside promotions for Jamie Donahue to President and Jim Dullinger to Chief Financial Officer. This leadership enhancement aims to drive revenue growth and improve EBITDA over the next 3-5 years. Singh, with over 20 years of investment banking experience, received an inducement award of 500,000 restricted stock units, partially based on performance. The company will discuss these changes during a conference call on March 27, 2023, which will also cover full-year 2022 results.