BankMobile BaaS Platform to Go Public via SPAC Merger with Megalith

BankMobile Technologies, a Banking-as-a-Service subsidiary of Customers Bank, agreed to combine with special purpose acquisition company Megalith Financial Acquisition Corp (MFAC) to create a publicly traded digital banking platform. The enterprise is valued at approximately $140 million, with MFAC securing $20 million in private placement funding to support the transaction. BankMobile operates one of the largest digital banking platforms in the U.S., serving over 2 million accounts and reaching roughly one in three U.S. college students via BankMobile Disbursements across 722 campuses.

The BaaS platform connects customers to its sponsor bank, Customers Bank, providing mobile onboarding, deposit operations, fraud management, back-office support, and customer care. BankMobile's multi-partner distribution model enables low-cost customer acquisition by partnering with major brands, including recent agreements with Google for digital bank accounts and T-Mobile for T-Mobile MONEY. BankMobile's existing management team will lead the combined public company, which will trade under a new name.