BM Technologies (NYSE: BMTX) Announces Acquisition of Envel, Inc.’s Software Technology

- 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.