BM Technologies Inc. F/k/a BankMobile

What BM Technologies Inc. F/k/a BankMobile does

BM Technologies, Inc. (formerly BankMobile) is a digital-first banking technology company and wholly owned subsidiary of First Carolina Bank, a North Carolina-chartered, FDIC-insured institution headquartered in Rocky Mount, NC. The company operates the BankMobile Checking Account platform, which is offered exclusively to students attending more than 700 partner colleges and universities across the United States. Account holders receive same-business-day financial aid refund disbursements upon identity verification and access features including mobile check deposit, P2P transfers via MobilePay, debit card on/off controls, early payroll direct deposit up to two days early, cash back rewards at more than 50,000 merchant locations, interest-bearing savings, and fee-free access to the 55,000+ ATM Allpoint network.

The underlying technology is a cloud-hosted, mobile-native banking platform delivered through the BankMobile App (available on iOS and Android, with 33,000+ five-star reviews) and accessible via Apple Wallet, Google Wallet, and Samsung Wallet. Banking products are issued by First Carolina Bank under a Banking-as-a-Service arrangement in which BM Technologies provides the digital banking technology platform and servicing infrastructure. Cash deposit functionality is delivered through Green Dot Corporation's Reload @ the Register and Rapid Reload networks across 90,000+ retail locations including 7-Eleven, Walgreens, and CVS. The company has received industry recognition including the 2024 Gold Stevie Award for EdTech Company of the Year and the 2025 Big Innovation Award in Education.

BM Technologies monetizes through four primary streams: (1) interchange and debit card transaction fees on Mastercard-branded BankMobile Debit Card purchases, (2) cash deposit network revenue sharing with Green Dot (up to a $4.95 retail service fee per deposit), (3) low monthly maintenance fees that can be waived under certain conditions, and (4) BaaS platform licensing revenue from First Carolina Bank. The go-to-market is product-led and channel-driven: students self-onboard digitally in minutes, and acquisition is anchored by exclusive distribution through the 700+ partner higher education institutions where BankMobile is the recommended disbursement account for financial aid refunds. The company was founded in 2015, rebranded from BankMobile to BM Technologies, Inc. in 2024, and currently operates as a privately held subsidiary.

Name

BM Technologies Inc. F/k/a BankMobile

Legal name

BM Technologies, Inc.

Website

https://bankmobile.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

251–500 employees

Short description

BM Technologies, Inc. operates the BankMobile digital-first banking platform, offering a fee-conscious checking account exclusively to students at 700+ U.S. partner colleges and universities, with same-day financial aid refunds, mobile-first features, and deposit products issued by First Carolina Bank.

Ownership category

akta.pro rank

Headquarters

HQ city

Rocky Mount

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Interchange / Debit Card Transaction Fees: Revenue generated from interchange fees on BankMobile Debit Card (Mastercard) transactions at merchants. Every purchase with the debit card earns a small transaction fee paid by the merchant's acquiring bank.
2. Cash Deposit Network Fees: Revenue sharing arrangements with Green Dot Corporation's Reload @ the Register and Rapid Reload networks. A retail service fee of $4.95 or less is charged per cash deposit made at partner retailers (7-Eleven, Walgreens, CVS), of which a portion flows to BankMobile.
3. Monthly Maintenance Fees: Low monthly maintenance fees on the checking account, which can be waived under certain conditions. Generates baseline recurring revenue from the account holder base.
4. Banking-as-a-Service (BaaS) Platform Licensing: BM Technologies provides its digital banking technology platform and services to First Carolina Bank, functioning as a BaaS provider. Revenue is derived from the arrangement with First Carolina Bank, the FDIC-insured institution.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

BM Technologies operates the BankMobile digital banking platform — a mobile-first checking account offered exclusively to students at 700+ partner colleges and universities across the U.S. The product emphasizes same-business-day financial aid refund deposits, no overdraft fees, early payroll direct deposit (up to two days early), cash back on debit card purchases, an interest-bearing savings option, and fee-free access to 55,000+ Allpoint ATMs. Banking products and services are provided through First Carolina Bank (Member FDIC), with BM Technologies supplying the digital technology platform and customer experience layer.

Product overview

BM Technologies Inc. (BankMobile) is a digital-first banking platform offering a unified suite of products centered on the BankMobile Checking Account—a fee-friendly, student-focused checking account designed for the 700+ college and university partner network. The core product portfolio includes the BankMobile App (mobile banking application with 33,000+ five-star reviews), Savings Account (interest-bearing linked savings), Direct Deposit (same-day refunds and early payroll up to 2 days), Cash Back Program (rewards at 40,000+ online and 12,000+ local merchants), and MobilePay (peer-to-peer transfers). The company also offers an Annual Financial Empowerment Scholarship as part of its mission. All products are provided through First Carolina Bank, a Member FDIC institution.

Differentiator

Problem solved

Functional benefit

Brands

• BankMobile Checking Account: A digital-first, student checking account designed for students attending partner universities, offering low-cost, convenient banking with mobile-first features including early direct deposit, cash back rewards, and fee-free ATM access.

Products and services

• BankMobile Checking Account A digital-first checking account for students at 700+ partner colleges and universities, offering same-business-day financial aid refund deposits, no overdraft fees, early payroll direct deposit up to 2 days early, debit card cash back, mobile check deposit, bill pay, and MobilePay peer-to-peer transfers; provided through First Carolina Bank (Member FDIC).
• BankMobile Savings Account An interest-bearing savings account linked to the BankMobile Checking Account that allows account holders to grow their balance over time and reach financial goals, with support for early payroll direct deposit and automatic savings features; banking products provided through First Carolina Bank (Member FDIC).
• BankMobile App A standalone mobile banking application (iOS/Android) that BankMobile account holders and prospects use to open accounts, deposit checks, send MobilePay peer-to-peer transfers, and manage card security (on/off switch) with multi-factor authentication; has accumulated 33,000+ five-star app reviews.
• Annual Financial Empowerment Scholarship A $1,500 no-essay, video-based annual scholarship offered by BM Technologies to financially empower students, distributed as part of BankMobile's financial-literacy mission and student audience engagement.

Quantifiable outcome

• Same business day financial aid refund disbursement upon identity verification
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature7 records

Partnerships

Five partnerships are on record, tiered core and major.

• First Carolina BankcoreOEM/ Whitelabel/ Licensing PartnerBM Technologies, Inc. is a wholly owned subsidiary of First Carolina Bank, Member FDIC and Equal Housing Lender. BankMobile banking products and services are provided by First Carolina Bank through BM Technologies' digital banking platform. This is the core institutional relationship underpinning the entire business.
• 700+ College and University PartnerscoreChannel Partner/ Reseller/ DistributorBankMobile Checking Account is offered exclusively to students attending 700+ partner colleges and universities across the U.S. Students receive financial aid refunds through the account, making these institutions the primary customer acquisition channel.
• Allpoint NetworkcoreTechnology or IntegrationAllpoint provides 55,000+ fee-free ATMs across the U.S. for BankMobile debit cardholders. This partnership ensures broad, cost-free cash access for students nationwide.
• Green Dot Corporation (Reload @ the Register & Rapid Reload)majorTechnology or IntegrationGreen Dot's Reload @ the Register and Rapid Reload networks enable BankMobile customers to deposit cash at 90,000+ retail locations including 7-Eleven, Walgreens, and CVS. A retail service fee of $4.95 or less is charged per deposit.
• MastercardcoreTechnology or IntegrationBankMobile issues a Mastercard-branded debit card accepted at merchants worldwide wherever Mastercard is accepted, both in-store and online.

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Emerging players

• Varo Bank: Varo is a nationally chartered neobank offering fee-free checking, early direct deposit, and high-yield savings. It targets young, mobile-first consumers with a similar fee-friendly, no-overdraft value proposition to BankMobile.
• Copper Banking: Copper Banking is a teen-focused debit and banking app developed with Baker Tilly, focused on financial education for teens and parents. It competes with BankMobile for the younger end of the student market, particularly high-school and early-college customers.
• FamZoo: FamZoo is a family-oriented prepaid debit and banking platform focused on financial literacy for kids and teens. It competes at the younger end of the student banking spectrum with BankMobile and is often used by parents seeking early banking exposure for students.

Broad incumbents

• Chime: Chime is one of the largest U.S. neobanks, offering fee-free checking, early direct deposit, and a secured credit card. Its no-overdraft-fee, mobile-first positioning targets the same cost-sensitive student/young-adult segment as BankMobile, but at substantially larger scale.
• Cash App (Block): Cash App, operated by Block, is a P2P and banking app widely adopted by Gen Z and college students. It competes with BankMobile's MobilePay and debit-card features among the same student demographic and benefits from a much broader brand and network.
• Wells Fargo (Clear Access Banking): Wells Fargo's Clear Access Banking account is positioned for students and younger customers with a low monthly fee that can be waived. It is a traditional incumbent alternative to BankMobile's no-overdraft, fee-conscious student checking.
• JPMorgan Chase (College Banking): Chase College Checking and Chase High School Checking are incumbent student banking products that compete with BankMobile on the same campuses, leveraging Chase's branch and ATM network and broader product suite to retain students post-graduation.

Direct peers

• Step: Step is a banking platform purpose-built for teens and young adults, offering a secured spending account, early direct deposit, and P2P features. It targets an overlapping student demographic with a mobile-first, fee-friendly value proposition similar to BankMobile's.
• Greenlight: Greenlight is a fintech offering a debit card and financial literacy app for kids and teens, frequently funded by parents. It competes directly with BankMobile for the student/young-adult banking relationship, often on the same college campuses and via similar financial-literacy positioning.
• Current: Current is a neobank offering checking, savings, and teen accounts with early direct deposit and P2P features. It targets Gen Z and younger millennials — a near-identical demographic to BankMobile's student base — with comparable mobile-first, no-overdraft-fee economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/bankmobile

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BM Technologies Inc. F/k/a BankMobile