---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-005813"
form_type: "8-K"
ticker: null
cik: "0001725872"
company_name: "BM Technologies, Inc."
filed_at: "2023-01-30T23:59:59+00:00"
generated_at: "2026-06-20T06:41:21.264206+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# BM Technologies launches profit plan cutting 25% of workforce, names new President and CFO

## Summary
- Targeted reduction of ~25% of headcount vs. Dec 31, 2022; $18M annualized cost savings expected, ~$15M in 2023.
- Restructuring charges of $1.5M to $3.0M anticipated in Q1 2023; actions substantially complete by June 30, 2023.
- Jamie Donahue (ex-CTO) elected President; James Dullinger (CAO) adds CFO role as Robert Ramsey moves to corporate development.
- Investment banking veteran Raj Singh appointed to Board of Directors effective Jan. 27, 2023.
- Strategy shift from becoming a bank to a risk-oriented Fintech with a sponsor-bank model.

## SEC filing metadata
- accession: 0001213900-23-005813
- form_type: 8-K
- cik: 0001725872
- company_name: BM Technologies, Inc.
- filed_at: 2023-01-30T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.05, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1725872/000121390023005813/0001213900-23-005813-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1725872/000121390023005813/ea172365-8k_bmtech.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-005813
- JSON: https://secwatch.observer/filing/0001213900-23-005813.json
- Plain text: https://secwatch.observer/filing/0001213900-23-005813.txt

## Key facts
- Executive change
  James Dullinger was elected as Chief Financial Officer at BM Technologies, Inc..
  - Action: elected
  - Role: Chief Financial Officer
  source text: Concurrent with the transition of Mr. Ramsey, the Company elected James Dullinger, the Company’s Chief Accounting Officer, to the additional position of Chief Financial Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1725872/000121390023005813/0001213900-23-005813-index.htm
- Executive change
  Raj Singh was appointed as Board member at BM Technologies, Inc..
  - Action: appointed
  - Role: Board member
  source text: On January 27, 2023, the Board of Directors (the “Board”) of the Company appointed Raj Singh to serve as a Board member until the Company’s next annual meeting of shareholders.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1725872/000121390023005813/0001213900-23-005813-index.htm
- Executive change
  Robert Ramsey changed role as other at BM Technologies, Inc..
  - Action: transitioned
  source text: Effective January 26, 2023, the Company transitioned Robert Ramsey, the Company’s Chief Financial Officer, from that position to a new corporate development role.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1725872/000121390023005813/0001213900-23-005813-index.htm
- Executive change
  Jamie Donahue was elected as President at BM Technologies, Inc..
  - Action: elected
  - Role: President
  source text: On January 26, 2023, the Company elected Jamie Donahue, the Company’s Executive Vice President and Chief Technology Officer, as the Company’s President.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1725872/000121390023005813/0001213900-23-005813-index.htm
- Restructurings & Charges
  BM Technologies, Inc. announced a restructuring with charges of $1.5 million to $3.0 million (approximately 25% as compared to its headcount at December 31, 2022).
  - Type: restructuring
  - Charge: $1.5 million to $3.0 million
  - Headcount: approximately 25% as compared to its headcount at December 31, 2022
  source text: The Company expects the actions necessary to attain these cost reductions will be substantially completed by June 30, 2023. The Company estimates that it will incur $1.5 million to $3.0 million in charges in connection with the Plan, substantially all of which are expected to be incurred in the first quarter of 2023. The charges and timing of such
  evidence_url: https://www.sec.gov/Archives/edgar/data/1725872/000121390023005813/0001213900-23-005813-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.