BankMobile likely to be first of many to go public this year
- BankMobile recently went public through its merger agreement with Megalith Financial Acquisition Corp., a special purpose acquisition company.
- As several fintech trends take hold, this may be the year for fintech IPOs.
On January 5, BankMobile, a subsidiary of Customers Bancorp, went public through its merger with Megalith Financial Acquisition Corp., a special purpose acquisition company. The companies combined are now listed under BM Technologies on the NYSE.
The merger valued the company at $140 million.
BankMobile, a challenger bank which serves college and university students and also offers a banking as a service platform, has tried selling itself and going public before.
In 2017, it entered into an agreement to be bought by Flagship Community Bank. The plan was for the two companies to merge, for Flagship to rename itself to BankMobile, and for the combined company to go public. But in 2018 that agreement was cancelled.
Now, the five-year-old challenger bank’s move to go public via a SPAC seems to be in line with a larger trend.
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