EXHIBIT 99.1

BM Technologies, Inc.

BM Technologies Reports Third Quarter & Year-to-Date 2022 Results

Year-to-Date Revenue $67.9 Million; Net Income of $3.4 Million; Core EBITDA¹ of $16.4 Million

Radnor, PA., November 15, 2022 — BM Technologies, Inc. (NYSE American: BMTX) (“BM Technologies,” “BMTX,” “we,” or the “Company”) one of the largest digital banking platforms and banking-as-a-service (BaaS) providers in the country, today reported results for the three and nine months ended September 30, 2022. Comparative results reflect the restatement of 2021 financial results.

Luvleen Sidhu, BMTX’s Chair and Chief Executive Officer commented, “In the first nine months of 2022, we are proud to report solid results with revenue of $67.9 million, Net Income of $3.4 million, and Core EBITDA¹ of $16.4 million. Additionally, we are excited about our recent collaboration with Helix by Q2 which creates the most comprehensive banking-as-a-service solution available on the market today. We are also making significant progress in signing a new sponsor bank with better economics for us in this environment. This new sponsor bank will replace our existing relationship with Customers Bank. Lastly, our student business has shown positive progress with a 11% increase in new checking account sign-ups compared to last year and a portfolio of over $500 million in essentially non-interest bearing deposits which is very valuable in the current rate environment.” Sidhu continued, “We celebrate many business wins even as we face unprecedented times with rapidly rising interest rates, inflationary pressures, and market volatility. Revenue and EBITDA were negatively impacted this quarter as we are no longer benefiting from the tailwinds of stimulus, which affected customer spend, and our decision not to chase rate to keep balances. We focused our emphasis on deposit franchise value by keeping core deposits and letting highly rate sensitive deposits run-off. We have now begun to balance our desire to minimize rate sensitive deposits with offering a more competitive market rate for T-Mobile Money deposits even though it reduces our deposit servicing fees in the short-term; however, it has helped stabilize these balances. We believe we will benefit immensely in the long term from having a bank charter which will provide more flexibility in pricing deposits and the ability to earn more on these deposits with a high quality asset generation strategy. In 2023, we are committed to combining with a bank and improving our revenues. We remain excited about our future as we continue to expand our existing business and work on building new business opportunities.”

FINANCIAL HIGHLIGHTS

BUSINESS HIGHLIGHTS

FINANCIAL SUMMARY TABLE

BUSINESS UPDATE

BMTX, a financial technology company, is in the business of providing state-of-the-art technologies to attract and serve millions of Americans and provide them access to superior banking experiences. It continues to invest in its low-cost acquisition model and proprietary API driven platform to offer a full suite of financial services products. The Company operates in three verticals: 1) Higher education and student banking, 2) Banking-as-a-service (“BaaS” or “white label banking”), and 3) Niche Direct to Consumer (D2C).

We are working towards a definitive agreement with a new partner bank with better economics given the rising rate environment and new variable rate pricing. To allow sufficient time to finalize the agreement and transfer the deposits, we have entered a short-term extension of our deposit servicing agreement with our current partner bank. The extension continues existing terms with the exception of the partner bank’s obligation to pay us the difference between Durbin regulated and Durbin exempt interchange income. The new partner bank is Durbin Exempt.

Higher Education & Student Banking

During the third quarter of 2022 the Company retained 99% of higher education institutions and disbursed $3.4 billion in refunds to students. Refunds disbursed to students in the nine months ended September 30, 2022 totaled $10.3 billion. For the three and nine months ended September 30, 2022, $0.4 billion and $1.2 billion, respectively, of these disbursements were deposited into BankMobile Vibe Accounts held at the Company’s partner bank. Organic deposits (deposits that are not part of a school disbursement) for the three and nine months ended September 30, 2022 totaled $410 million and $1.3 billion, respectively. The average balance per active account in the third quarter increased approximately 11% year over year to $1,819 and the spend per active account was relatively unchanged at $1,980. New checking account sign-ups in the nine months ended September 30, 2022 improved 11% year over year. We continue to look at ways to create an even better banking experience for our student customer base to ensure we provide them with the best offering and create customers for life.

Additionally, it is important to highlight that the approximately $600 million in total ending deposits in the higher education vertical have a deposit beta close to zero, underscoring the attractiveness of this deposit portfolio especially in today’s rapidly risking rate environment.

Banking-as-a-Service and niche D2C (“BaaS”)

In the Company’s BaaS vertical, its API-first² platform design allows clients to consult and collaborate with BMTX as they create, implement, and execute their embedded finance vision. The Company’s proprietary and flexible platform enables BMTX to go to market quickly, integrate with partners easily, and add features well ahead of our competition. A key part of the Company’s banking-as-a-service (BaaS) strategy, driven by its API technology, is to partner with large, well-known brands in delivering financial services through a partner bank, and the Company continues to actively work a pipeline of prospective new banking-as-a-service clients to offer a suite of financial services products through its proprietary technology stack.

The Company recently announced a collaboration with Helix by Q2 Holdings, Inc. to provide embedded banking solutions for consumer brands by combining BMTX’s award-winning app development services, technology, and program management with Helix’s embedded finance platform, network of partner banks, and strong BaaS pipeline given its large, global sales team. Together we provide the most comprehensive BaaS solution available on the market today, increasing our pipeline and new business opportunities and most importantly servicing our partners even better.

As previously disclosed, the Company achieved a key milestone with the execution of a contract to provide technology to a significant new BaaS partner with global operations and tens of millions of U.S. customers. With the addition of this partner, the company has expanded its roster of large well-known brand name partners. This relationship may become even more valuable if the Company is able to vertically integrate this new partnership with the addition of a banking charter. To protect this partner’s launch strategy, the Company will not identify the partner by name until commercial launch. We continue to do development work for this partner and invest team time and resources in the build out. We remain optimistic about this partnership and look forward to its launch in 2023³.

As it relates to portfolio metrics in Q3 2022, annualized debit card spend for highly active BaaS users (those with both direct deposit and a minimum of five customer driven transactions per month) was approximately $17,200 and average deposit balance per account was approximately $3,800. This very attractive cohort makes up approximately 20% of active accounts, compared to 17% in the third quarter of 2021.

In Q3 2022, BaaS total debit card spend increased 2%, from the year-ago period. BaaS average serviced deposits totaled $1.1 billion, relatively unchanged from Q3 2021. The progressive increase in market rates resulted in a reduction of more rate sensitive deposits over the last several months, although the reduction slowed as the Company increased BaaS deposit pricing in July and again in October. Under the existing fixed rate deposit servicing agreement, the company is not able to offset increases in the cost of deposits. In the future, with a bank charter and new partner bank relationships with variable pricing, the company expects offsets from the investments in higher yielding assets or with a variable pricing structure. Deposits may fluctuate in future periods depending on interest rates. The Company believes reducing rate sensitive deposits in our portfolio increases our franchise value and will benefit us as we become a bank, even though it is negatively impacting our deposit servicing revenues in the short term.

With regards to the niche D2C strategy, the Company continues to have high conviction that there is market need and value in executing a targeted D2C strategy to underserved affinity groups. This includes focusing on an employee demographic but also extend beyond that. We plan to execute on this vertical after we become a bank.

EARNINGS WEBCAST

The Company will host a live webcast to discuss its third quarter results at 9:00am ET on Tuesday, November 15, 2022. The webcast can be accessed via its investor relations site (ir.bmtxinc.com) by clicking on “Events & Presentations”, then “Events Calendar,” and following the link under “Upcoming Events”.

An updated version of BMTX’s investor presentation will be posted on the Company’s Investor Relations website at ir.bmtxinc.com.

RESTATEMENT OF 2021 QUARTERLY FINANCIALS

Financials for the periods ended March 31, 2021, June 30, 2021, and September 30, 2021 reported in this earnings release reflect the company’s restatement of past periods as discussed in the Company’s Annual Report on Form 10K filed on May 10, 2022, and differ from previously reported financials. The restatement had no cumulative effect on the Company’s previously reported Operating Revenues, Core EBITDA⁴, total cash balance, total assets, total liabilities, total equity, net working capital, net cash flows from operating activities, investing activities, or financing activities. Similarly, this correction had no impact on the Company’s operations or its underlying business fundamentals.

Contact Information

Investors:

Bob Ramsey, CFA

Chief Financial Officer

571-236-8851

rramsey@bmtx.com

Media Inquiries:

Brigit Hennaman

Rubenstein Public Relations, Inc.

212-805-3005

bhennaman@rubensteinpr.com

ABOUT BM TECHNOLOGIES, INC.

BM Technologies, Inc. (NYSE American: BMTX) - formerly known as BankMobile - is among the largest digital banking platforms in the country, providing access to checking and savings accounts, personal loans, credit cards, and financial wellness. 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.

FORWARD LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In general, forward-looking statements may be identified through the use of words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” will,” “should,” “plan,” “continue,” “potential” and “project” or the negative of these terms or other similar words and expressions, and in this press release include our expectations regarding the First Sound merger, the development of our relationship with a significant new BaaS partner and the expected filing date of our 2022 second quarter Form 10-Q. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Such statements are based on management’s current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Investors are cautioned that there can be no assurance actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. Factors that could cause or contribute to such differences include, but are not limited to: (1) the ability of BMTX to obtain required governmental approvals of the First Sound acquisition, (2) the occurrence of any event, change or other circumstances that could give rise to a delay in closing the First Sound acquisition or the termination of the acquisition agreement, (3) the failure of the closing conditions in the First Sound acquisition agreement to be satisfied, or any unexpected delay in closing the acquisition, (4) the risks relating to the integration of First Sound’s operations into the operations of BMTX, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (5) the risk of expansion into new geographic or product markets, (6) the risk that we will be unable to expand our relationship with our new BaaS partner as we currently anticipate, and (7) general competitive, economic, political and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS” and “Risk Factors” and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and other documents subsequently filed with the Securities and Exchange Commission (“SEC”). The Company’s SEC filings are available publicly on the SEC website at www.sec.gov.

Many of these factors are beyond the Company’s (and in the case of the prospective acquisition of First Sound, First Sound’s) ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and BMTX undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.

BMTX qualifies all forward-looking statements by these cautionary statements.

Important Information About the Proposed Merger with First Sound Bank and Where to Find It

In connection with the proposed merger with First Sound Bank, the Company will file relevant materials with the SEC, including a definitive proxy statement for the Company’s shareholders. Promptly after filing the definitive proxy statement with the SEC, the Company will mail the proxy statement and a proxy card to each shareholder entitled to vote at the special meeting relating to the transactions. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTIONS THAT BMTX WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, FSB AND THE TRANSACTIONS. The preliminary proxy statement, the definitive proxy statement and other relevant materials in connection with the transactions (when they become available), and any other documents filed by the Company with the SEC, may be obtained free of charge at the SEC’s website (www.sec.gov) or by writing to BM Technologies, Inc. at 201 King of Prussia Road, Suite 350, Wayne, PA 19087.

Participants in Solicitation

The Company and First Sound Bank and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of the Company common stock in respect of the proposed transactions. Information about the Company’s directors and executive officers and their ownership of the Company’s common stock is set forth in the Company’s definitive proxy materials filed with the SEC on May 2, 2022 in connection with its 2022 annual meeting of shareholders scheduled held on June 15, 2022, as those materials were amended or supplemented on May 19, 2022. Other information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement pertaining to the proposed transactions when it becomes available. These documents can be obtained free of charge from the sources indicated above.

UNAUDITED FINANCIAL STATEMENTS

BM TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - UNAUDITED
(amounts in thousands, except earnings per share)

BM TECHNOLOGIES, INC.

CONSOLIDATED BALANCE SHEETS — UNAUDITED

(amounts in thousands, except share and per share data)

NON-GAAP FINANCIAL RECONCILIATIONS - UNAUDITED

Certain financial measures used in this Press Release are not defined by U.S. generally accepted accounting principles (“GAAP”) and as such are considered non-GAAP financial measures. Core expenses and EBITDA exclude the effects of items the Company does not consider indicative of its core operating performance, including merger expenses, fair value mark to market income or expense associated with certain warrants, and non-cash share based compensation. Management believes the use of core revenues, expenses, and EBITDA are appropriate to provide investors with an additional tool to evaluate the Company’s ongoing business performance. Investors are cautioned that these non-GAAP financial measures may not be defined in the same manner by other companies and, as a result, may not be comparable to other similarly titled measures used by other companies. Also, these non-GAAP financial measures should not be construed as alternatives, or superior, to other measures determined in accordance with GAAP.

Reconciliation - GAAP Operating Expenses to Core Operating Expenses (in thousands):

Reconciliation - GAAP Net Income (Loss) to Core Net Income (Loss) (in thousands)

Reconciliation - GAAP Net Income to Core EBITDA (in thousands)

Key Performance Metrics - 5 Quarters

10