Luvleen Sidhu, chair, CEO and founder of BM Technologies Inc., a digital banking platform, has been recognized as an Ernst & Young Entrepreneur of the Year for the Greater Philadelphia region for 2022.
Sidhu was one of 12 entrepreneurs in the Greater Philadelphia region to be recognized as EY Entrepreneur Of The Year 2022 Greater Philadelphia Award winners during a regional ceremony held June 23.
The award recognizes the “most ambitious leaders building and sustaining successful, dynamic businesses worldwide,” according to a press release.
Winners were selected by a panel of independent judges, based on their “entrepreneurial spirit, purpose, growth and impact,” among other core contributions and attributes. She was chosen from among 28 regional finalists.
“We started BMTX with a mission to financially empower millions of Americans by providing them with a more affordable, transparent and consumer friendly banking experience. We have begun this journey and still have a long way to go,” Sidhu said in a statement. “Our goal is to create even more positive, systemic change in the fintech and banking industries in the pursuit of benefiting underserved consumers.”
Launched in January 2015, BM Technologies, formerly known as BankMobile, has become one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers in the country.
The past year has been pivotal for BM Technologies, according to a company press release.
It was one of the first neo banking fintechs to go public last year, one of the first to have a profitable business model, and now is among the first fintechs embracing a bank charter to create an innovative fintech bank for the future.
BM Technologies went public in January 2021 through a merger with special purpose acquisition company Megalith Financial Acquisition Corp. and is listed on the New York Stock Exchange. At 34, Sidhu was the youngest female to ever take a company public at the time of its listing.
“She focuses on actions that can help propel women in finance — promoting women in leadership roles, creating mentorship opportunities, providing equal pay, and ensuring female voices are represented at the executive leadership level,” a company press release stated.
In November, 2021, BM Technologies Inc. announced it had signed a definitive agreement to merge with First Sound Bank, a Seattle-based business bank.
The combined company, to be called BMTX Bank, will be a fintech-based bank focused on serving customers digitally nationwide. The transaction is subject to regulatory approvals and other customary closing conditions, and is expected to close later this year.
Sidhu is also the founder of the BMTX Foundation and its annual Financial Literacy Scholarship, which offers a scholarship to one undergraduate or graduate student who is blazing a trail and “shaking things up” in the world of financial empowerment.
Sidhu, and the other Greater Philadelphia award winners will now be considered by the national independent panel of judges for the Entrepreneur Of The Year 2022 National Awards. National finalists and winners and the Entrepreneur Of The Year National Overall Award winner will be announced in November.