She Broke the Bank
Inc.|Winter 2021/2022
Luvleen Sidhu was just 28 when she founded BankMobile with a lofty mission: to reinvent banking for millions of Americans through the power of tech. The 2015 launch presciently anticipated the coming rise in mobile banking, and six years later the Radnor, Pennsylvania based business merged with a special purpose acquisition company (SPAC) in a transaction worth $150 million. That made Sidhu the youngest female founder and CEO ever to take a company public, and led her to even grander goals: Still at the helm of the company—now called BM Technologies—she says she wants to “create ripple effects and inspire other women.” Here’s why you should put your money on her to do just that.
By Kevin J. Ryan. Photograph by George Etheredge
She Broke the Bank

The digital banking market is pretty crowded these days. Your company is on pace for nearly $100 million in revenue in 2021. How does BM Technologies succeed there?

We have a direct-to-consumer strategy, but we also allow nonbanks and large brands to launch their own digital banks-so we're essentially B2B2C. We have higher education institutions as our clients, allowing us to reach one in every three college-bound students. In all, we have about two million account holders, and we're one of the first neo-banking fintech firms to be profitable.

How did you know it was time to go public?

This story is from the Winter 2021/2022 edition of Inc..

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the Winter 2021/2022 edition of Inc..

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM INC.View All
Screen Play
Inc.

Screen Play

Joe Thomas and his co-founders were two weeks away from running out of money for their software startup when, in 2016, they launched a new product and went all in on prerecorded videos as a workplace communication tool.

time-read
1 min  |
April 2024
THE GUY WHO PUTS COPS IN THE SKY
Inc.

THE GUY WHO PUTS COPS IN THE SKY

BLAKE RESNICK, A 24-YEAR-OLD WITH FUNDING FROM SAM ALTMAN AND SAM BANKMAN-FRIED, IS ON A WILD RIDE TO REINVENT THE FUTURE OF EMERGENCY RESPONSE.

time-read
10+ mins  |
April 2024
AI Gets to Work
Inc.

AI Gets to Work

It's leading-edge, it's downright scary and it's here. Following AI's breakout year, we take a look under the hood at how entrepreneurs are applying the tech and what you need to know to stay competitive.

time-read
5 mins  |
April 2024
THE CRUSADING KOMBUCHA CEO AND 200 YEARS OF STARTUP-DESTROYING LEGAL DOCTRINE
Inc.

THE CRUSADING KOMBUCHA CEO AND 200 YEARS OF STARTUP-DESTROYING LEGAL DOCTRINE

Michael Peter wants to dismantle a longstanding legal precedent that can prevent entrepreneurs from getting their day in court. His not-so-secret weapon: A small-business superhero named Reverend Justice.

time-read
10 mins  |
April 2024
ONLY THE STRONG SURVIVE FEMALE FOUNERS 250
Inc.

ONLY THE STRONG SURVIVE FEMALE FOUNERS 250

SUCCESS often breeds success-but triumphs also arise out of necessity. Consider that Airbnb, Uber, and Rent the Runway started during the Great Recession. In many ways, the past year was defined by similar tumult. While the U.S. never technically entered a recession, the retrenchment in investment and ad spending paired with the psychological-if not direct-toll of tech layoffs yielded tough times indeed. But female founders are nothing if not resilient, and their achievements defied the conditions they faced, giving us cause to expand our list to 250 of them. They're not ranked, but they are organized around themes. In the pages that follow, you'll find snapshots of courage from women who've overcome trials-such as keeping the internet running in war zones, coping with the collapse of Silicon Valley Bank, or facing personal crises. You'll also learn how this year's top female founders grew their collective 2023 revenue to more than $8.86 billion, raised $6.2 billion in funding to date, and kept it together not just to survive, but to thrive.

time-read
10+ mins  |
April 2024
Shelley Zalis
Inc.

Shelley Zalis

On that elusive work-life balance, her own version of perfection, and pivoting with positivity.

time-read
3 mins  |
April 2024
Steve Young Shares Lessons From the Private Equity Playbook With a First-Time Founder
Inc.

Steve Young Shares Lessons From the Private Equity Playbook With a First-Time Founder

The athlete-turned-investor helps Tessa Barton prepare to scale her bootstrapped photo-editing startup, Tezza.

time-read
6 mins  |
April 2024
AI in HR Tech: A New Era in Human Resources Technology
Inc.

AI in HR Tech: A New Era in Human Resources Technology

The next generation of HR software is here, powered by artificial intelligence (AI). Now, your business can harness the transformative power of AI in HR tech.

time-read
6 mins  |
April 2024
Think Liberally and Deliberately
Inc.

Think Liberally and Deliberately

Why do I devote four weeks a year to reading and thinking? So I can supercharge all the other days.

time-read
3 mins  |
April 2024
At Board Meetings, the CEO Should Get Lost
Inc.

At Board Meetings, the CEO Should Get Lost

Directors need to candidly discuss company leadership. They can't do that if the top manager is also the board chair.

time-read
3 mins  |
April 2024