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There’s a merger in the works, and once its complete, BankMobile plans to go public. Here’s how investors can prepare.
Digital banking platform BankMobile has entered into a merger agreement with Megalith Financial Acquisition Corporation — a special purposes acquisition company. Following the merger’s completion, the two companies will stand unified under the new name BM Technologies and intend to list on the New York Stock Exchange (NYSE) as a publicly-traded company.
On Monday, BankMobile also announced a forthcoming partnership with Google to offer enhanced digital bank accounts. While BankMobile will provide the FDIC-insured accounts through its existing bank infrastructure, customers will be able to manage their accounts through Google Pay, and Google will be responsible for the user experience.
We don’t know much about BM Technologies’ plans for the NYSE. Investors will need to wait for the company’s official IPO filing with the Securities and Exchange Commission before information on projected share prices will be released.
Investing in fintech represents an exciting opportunity for investors. There’s an opportunity for profit, certainly. But the following drawbacks should be considered:
To invest in BankMobile stock when it becomes available, you’ll need to open a brokerage account. Once you have an account, you can search for the stock by the ticker symbol to purchase shares.
BankMobile, a subsidiary of Consumers Bank, is one of the biggest digital banks in the US. It was launched in 2015 and has over 2 million accounts. It employs a mobile-first banking strategy that emphasizes a high-volume, low-cost customer acquisition model.
BankMobile’s white-label banking-as-a-service platform is available to workplaces, consumer aggregators and higher education partners to offer brandable banking products and customizable customer rewards. Its repertoire of banking products and services includes checking accounts, personal loans, credit cards and student loan refinancing.
BankMobile isn’t a Better Business Bureau (BBB) accredited business but receives an A rating from the BBB. It has a TrustScore of 3.9 out of 5 on Trustpilot after 1,645 reviews and just two complaints at the Consumer Financial Protection Bureau.
Here’s how some similar fintech stocks performed after going public:
Cardlytics (CDLX) is a marketing platform that reports transaction-driven data. It started trading on the NASDAQ in early 2018 at $13.37. The stock saw conservative growth through most of 2019 but began to steadily climb towards the end of the year. It peaked at $98.16 in February 2020 and now trades at $68.14.
Green Dot (GDOT) is a financial holding company that specializes in prepaid debit cards. It opened on the NYSE at $44.20 in 2010. The stock went downhill for several years, hitting an all-time low of $9.06 in July 2012. From there, it enjoyed moderate growth until late 2016 when the stock began to drastically rise. In September 2018, it hit $90.93 but now trades closer to $55.13.
Q2 Holdings (QTWO) is a cloud-based virtual banking platform that launched on the NYSE at $16.13 in 2014. The stock has grown steadily since going public and currently trades at an all-time high of $102.63.
To buy stock, you’ll need to open a brokerage account. Compare your options using the table below to find the best fit.
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