BM Technologies, Inc. (BMTX) Announces Li Shen as Chief

RADNOR, PA, September 30, 2021 (GLOBE NEWSWIRE) – BM Technologies, Inc. (NYSE American: BMTX), one of the nation’s largest digital banking platforms, has announced that Li Shen has joined the role of Chief Accounting Officer (CAO), and Doug Hallett as director of enterprise risk and audit. In her role, Shen will work closely with other members of the leadership team to ensure the integrity of accounting, financial operations, and external reporting, helping the business evolve for the future. Hallett will be responsible for improving the risk infrastructure to support financial and banking partners, and will lead the development and execution of financial reporting and compliance.

“We are delighted to welcome Li and Doug to BM Technologies (BMTX),” said Luvleen Sidhu, President, CEO and Founder of BM Technologies (BMTX). “Their expertise and knowledge of the industry will be an asset and a significant contribution to our mission and our continued success. As a new publicly traded company, we are making strategic additions to our team to continue to build on our existing strong foundations. “

Shen brings more than 20 years of experience in global companies in various industries, including finance. Prior to joining BMTX, she was Vice President of Financial Planning and Treasury and Interim Chief Accounting Officer at Athenex Inc., a global biopharmaceutical company. At Athenex, Ms. Shen participated in its IPO and developed her finance and accounting functions throughout her early years as a publicly traded company. Previously, Ms. Shen held the position of Portfolio Controller at Aegis Asset Management LLC, a commercial real estate asset management company. Earlier in her career, she was an auditor at PwC. New York State Chartered Accountant, she holds an MBA from Rutgers University and a BA from Shanghai University of International Studies.

“BM Technologies continues to thrive in the Banking-as-a-Service space and I am excited to be a part of the next phase of business growth,” said Shen. “In my role, working closely with other members of the management team, I look forward to helping BMTX evolve for the future.”

Hallett has over 20 years of experience working with banks and banking service providers on a wide range of internal audit, risk and compliance issues. Prior to joining BMTX, he was Director of Internal Audit at MUFG and has spent most of his career in the audit and consulting practices of Andersen, Deloitte and PwC. A Chartered Accountant in North Carolina and Pennsylvania with CISA and CFSA professional certifications, Mr. Hallett received his Masters in Accounting from UNC Chapel Hill and a BS in Management Information Systems and Finance from Virginia Tech.

“In addition to providing products that positively impact the lives of customers, BMTX’s platform has helped the company achieve record results and consistently strong performance. I look forward to the opportunity to contribute to this continued strategic growth, ”said Hallett.

Launched in January 2015, BMTX, formerly known as BankMobile, is on a mission to provide a premier digital banking experience that is simple, affordable, and financially self-sufficient. BMTX is a financial technology company that went public this year and trades under the ticker symbol BMTX. With around two million accounts, BMTX shows positive EBITDA. Its low-cost distribution and profitable model continue to differentiate it from other neo-banking fintechs on the market. The company has a disruptive, multi-partner distribution model known as Banking-as-a-Service (BaaS). Today, it provides its BaaS platform to around 735 colleges and universities through BankMobile Disbursements, which serves around one in three students in the United States. Additionally, BMTX has expanded its white label banking business beyond academia in recent years.

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About BM Technologies, Inc.

BM Technologies, Inc. (NYSE American: BMTX) —formally known as BankMobile — is one of the largest digital banking platforms in the United States, providing access to checking and savings accounts, personal loans, credit cards and financial well-being. It focuses on technology, innovation, easy-to-use products and education with a mission to be “customer obsessed” and create “customers for life”. BM Technologies’ (BMTX) digital banking platform uses a multi-partner distribution model, known as “Banking-as-a-Service” (BaaS), which enables customer acquisition at higher volumes. high and at significantly lower costs than traditional banks, while offering significant benefits to its customers, partners and businesses. BM Technologies (BMTX) currently has approximately two million accounts and provides disbursement services at approximately 735 college and university campuses (covering one in three students in the United States). BM Technologies, Inc. (BMTX) is a technology company, not a bank, which means that it provides banking services through its partner bank. Further information is also available at www.bmtx.com.