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BM Technologies, Inc. (NYSE American: BMTX) is one of the nation's largest digital banking platforms and a leading provider of Banking-as-a-Service (BaaS). Through its comprehensive fintech banking platform, BMTX offers a range of digital banking and disbursement services, including access to checking and savings accounts, to consumers and students nationwide. Partnering with Customers Bank, a Federal Deposit Insurance Corporation (FDIC) insured institution, BMTX ensures secure and reliable banking services.
The company's primary revenue streams include interchange and card revenue, servicing fees, account fees, and university fees, all driven by customer activities like deposits, spending, and transactions. These revenues are often paid by customer banks, universities, or directly by customers themselves.
Recent Achievements and Current Projects:
- In 2023, BMTX completed the transfer of its Higher Education customer deposits to First Carolina Bank (FCB), a Durbin-exempt bank. This strategic move is expected to increase annualized interchange revenue by approximately $4.4 million.
- The company's Profit Enhancement Plan (PEP), initiated in early 2023, has significantly reduced core operating expenses by approximately $9.5 million, with further savings anticipated in 2024.
- BMTX remains a market leader in the higher education sector, serving over 750 campuses and disbursing nearly $11 billion in refunds in 2023 alone. The BankMobile Vibe checking account, designed specifically for students, continues to grow in popularity.
- BMTX has launched innovative products like BMTX Identity Verification (IDV) to assist universities in mitigating fraud risks during student enrollment. This SaaS product not only enhances security but also increases the stickiness and lifetime value of existing higher education relationships.
- The company is also continuously investing in its technology infrastructure, rolling out new features and enhancing the user experience to deepen customer relationships and unlock new revenue streams.
With a mission to financially empower millions of Americans, BMTX focuses on providing affordable, transparent, and consumer-friendly banking solutions. The company's strategic growth initiatives in the higher education vertical, coupled with innovative product rollouts, position it for sustained growth and profitability.
BM Technologies (BMTX) reported Q3 2024 results and announced its acquisition by First Carolina Bank for $5.00 per share in an all-cash transaction valued at approximately $67 million. The deal represents a 55% premium to the trading price as of October 24, 2024. Year-to-date revenue reached $42.8 million, up 6% YoY, while Q3 2024 showed a net loss of $(5.0) million. The company maintained strong liquidity with $11.2 million cash and no debt. Operating metrics included $708 million in average serviced deposits and $663 million in debit card spend for Q3 2024.
BM Technologies (BMTX) has won the Tech & Learning Award of Excellence: Back-to-School 2024 in the higher education category for its BankMobile Disbursements and BankMobile Vibe products. The company's BankMobile Disbursements serves over 700 colleges and universities, managing financial aid credit balances for one-third of U.S. students. The BankMobile Vibe Checking Account offers digital-only, FDIC-insured banking with features like cash back offers and early pay access.
Recent technological advancements include the launch of cash back Offers across 50,000+ locations and the introduction of BMTX Identity Verification™ (IDV), a SaaS solution using AI and machine learning to enhance enrollment security and fraud detection for higher education institutions.
BM Technologies (BMTX) has announced its acquisition by First Carolina Bank (FCB) in an all-cash transaction valued at approximately $67 million. BMTX stockholders will receive $5.00 per share, representing a 55% premium to the trading price as of October 24, 2024. After the transaction closes, expected in Q1 2025, BMTX will become a wholly owned subsidiary of FCB and will be delisted from NYSE. The company will continue operating under the BM Technologies name, led by Jamie Donahue. The acquisition gives FCB access to BMTX's nationwide deposit gathering business serving over 700 campuses.
BM Technologies (NYSE American:BMTX) has launched BMTX Identity Verification™ (IDV), an innovative service designed to combat student enrollment fraud in higher education institutions. This AI-powered solution offers an 85% reduction in fraud rate compared to traditional services and up to a 95% reduction in third-party and synthetic identity fraud. It also achieves a 13x reduction in false positives and saves schools an average of 15-20 hours per week of manual work during peak seasons.
BMTX has already secured 17 signed IDV contracts with various schools, including the San Mateo Community College District and the Louisiana Community and Technical College system. The service has proven effective, with Louisiana Delta Community College preventing about 500 fake applications since implementing IDV on August 30.
BM Technologies (NYSE American:BMTX) has awarded its 2024 BMTX Annual Financial Empowerment Scholarship to Shannon Rose Geraghty, a student at Barnard College. Selected from over 300 applicants, Shannon was recognized for her outstanding contributions to financial empowerment in her community. The scholarship, established in 2015, rewards students who understand the importance of financial empowerment and actively promote it.
Shannon's journey began with self-education on financial literacy at age 16, leading her to create viral social media content about budgeting, saving, and investing. She also spearheaded a financial well-being certificate program impacting over 100 students and became a certified financial education instructor. Luvleen Sidhu, Chair, CEO, and Founder of BMTX, praised Shannon's proactive approach and leadership in financial education.
BMTX is now accepting applications for its 2025 scholarship until July 11, 2025.
BM Technologies (BMTX) announces President and CTO Jamie Donahue's participation in two major fintech conferences in September 2024. At Finovate Fall in New York on September 11, Donahue will join a panel discussing 'Finding New Opportunities in the Digital Age and the Emerging Experience Age'. On September 16, he will engage in a fireside chat at MoneyLIVE North America in Chicago, focusing on 'Bank-FinTech Partnership Success: The Key Considerations'.
These events gather industry leaders to explore financial services innovation and emerging technologies. Donahue expressed enthusiasm about contributing to discussions on reshaping financial services and enhancing customer experiences. As a leader in digital banking and Banking-as-a-Service (BaaS), BMTX's participation underscores its commitment to driving progress in the fintech sector.
BM Technologies (NYSE American: BMTX) reported its Q2 and H1 2024 results. Key highlights include:
- H1 2024 revenue of $28.7 million, up 10% YoY
- Q2 2024 interchange and card revenue increased 57% YoY
- Q2 2024 net loss of $(4.8) million, or $(0.41) per diluted share
- H1 2024 net loss of $(4.1) million, or $(0.35) per diluted share
- Q2 2024 Core EBITDA Loss of $(0.9) million
- H1 2024 Core EBITDA of $0.5 million
- Strong liquidity with $12.5 million cash and no debt
The company completed its technology platform transformation and launched new initiatives, including a cash back rewards engine and Identity Verification (IDV) product. BMTX retained 99.3% of its Higher Education clients and signed three new colleges in H1 2024.
BM Technologies (NYSE American: BMTX) has been awarded the Gold Stevie® Award for '2024 EdTech Company of the Year' in the first annual Stevie Awards for Technology Excellence. This recognition highlights BMTX's significant contributions to the higher education sector, particularly through its BankMobile Disbursements platform, which serves over 700 colleges and universities in the U.S.
BMTX's achievements include:
- Providing refund management services to one-third of U.S. students
- Launching cash back Offers for BankMobile Vibe Checking Accounts
- Introducing BMTX Identity Verification™ (IDV) to enhance enrollment security
- Continuous innovation and platform infrastructure transformation
The company's focus on addressing emerging challenges in EdTech and its commitment to supporting both institutions and students were key factors in winning this prestigious award.
BM Technologies (NYSE American: BMTX), a leading digital banking platform and Banking-as-a-Service (BaaS) provider, has announced its upcoming Q2 2024 earnings webcast. The event is scheduled for August 15, 2024, at 9:00 AM ET. Investors and interested parties can access the live webcast through the provided link or via the company's investor relations website. This presentation will offer insights into BMTX's financial performance for the second quarter of 2024, potentially providing valuable information for shareholders and market analysts.
BM Technologies (BMTX) has launched a rewards engine for its BankMobile Vibe Checking Account, powered by Kard's rewards-as-a-service API. This new feature allows customers to earn cash back on debit card purchases from over 50,000 national, online, and local merchants. Key benefits include:
- No need to activate specific offers
- Unlimited offer usage
- Offers from popular brands like Athleta, Gap, CVS, Dell, and more
- Designed to appeal to younger Millennials and Gen Z
BMTX aims to enhance customer banking experience, drive loyalty, and support financial independence. The BankMobile Vibe Checking Account, tailored for students, boasts a 60 combined Net Promoter Score, significantly higher than the industry average of 35.
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