BM Technologies, the banking as a service (BaaS) fintech that went public earlier this year through a SPAC, Monday announced they plan to buy First Sound Bank, a community bank from Seattle.
After a year of providing services through a student banking app called Vibe and T-Mobile Money, BM tech is taking on the rest of the world. In their earnings call Monday, CEO, Chair, and founder Luvleen Sidhu specifically cited super app banks like LendingClub and SoFi, and fintech partners like Metabank and CrossRiver as new targets.