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BM Technologies, Inc. (NYSE American: BMTX), a leader in digital banking and banking as a service, announced its participation in two upcoming investor conferences: the Alliance Global Partners’ Emerging Growth Technology Conference on February 2, 2022, and the Jefferies Payments & FinTech Summit on March 1-2, 2022. Senior management will present and hold 1x1 meetings at these events. Additionally, BMTX is set to merge with First Sound Bank, forming BMTX Bank, a fintech-focused institution, pending regulatory approvals, expected to close in the second half of 2022.
BM Technologies, Inc. (NYSE American: BMTX), a leading digital banking platform, will participate in investor conferences on December 6, 2021, at the KBW "Innovation in Finance" Conference and December 9, 2021, at the Singular Research "Best of The Uncovereds" conference. Senior management will conduct 1x1 meetings and panel discussions. BMTX has around two million accounts and offers services to approximately 745 college campuses nationwide. Recently, BMTX announced its merger with First Sound Bank, expected to close in the second half of 2022, to enhance its digital banking services.
BM Technologies reported a strong Q3 2021, with revenues up 20% to $22 million and net income rising to $8.8 million from $250,000 year-over-year. Core EBITDA increased 91% to $7 million, with an EBITDA margin of 32%. Serviced deposits soared 118% to $2 billion, and the company raised its 2021 EBITDA guidance to $26 million. Average new business serviced deposits rose significantly, and customer engagement improved, as evidenced by a 31% increase in revenue per active account. BMTX continues to invest in its banking-as-a-service model and recently formed new partnerships in higher education.
BM Technologies, Inc. (BMTX) is set to release its Q3 2021 earnings before market opening on November 15, 2021, and will host a live webcast at 9 AM EDT the same day. As one of the largest digital banking platforms in the U.S., BMTX offers various banking services through a multi-partner distribution model, reaching approximately two million accounts and providing services at around 735 college campuses. This innovative approach allows the company to acquire customers efficiently and at lower costs compared to traditional banks.
BM Technologies (BMTX) announced the addition of Li Shen as Chief Accounting Officer and Doug Hallett as Director of Enterprise Risk and Audit. Shen will oversee financial operations and reporting, while Hallett will enhance risk infrastructure for fintech partners. Both have extensive industry experience; Shen previously held senior roles at Athenex, and Hallett has worked with MUFG and various audit firms. The company, which recently went public, operates a successful Banking-as-a-Service model serving approximately 735 colleges and universities, with about two million accounts and EBITDA-positive results.
BM Technologies, Inc. (BMTX) has received the Best Fintech Partnership award for T-Mobile MONEY at the 2021 Finovate Awards. Luvleen Sidhu, CEO of BMTX, accepted the award at the FinovateFall Conference held from September 13-15, 2021. The award recognizes innovative collaborations between financial institutions and fintech firms. BMTX, launched in January 2015, is one of the largest digital banking platforms in the U.S. with approximately two million accounts and operates a profitable Banking-as-a-Service model.
BM Technologies reported strong Q2 2021 results, achieving GAAP revenues of $22.9 million, a 48% increase year-over-year. Core EBITDA rose to $5.2 million, marking an 11x increase since last year. Despite a $1.8 million net loss due to noncash charges, core earnings improved to $1.2 million. Serviced deposits surged 137% year-over-year to $1.6 billion, with debit card spending increasing 19%. The company aims for a 2021 EBITDA target between $20 million and $22 million.
BM Technologies (NYSE American: BMTX) has been recognized as a finalist for Finovate’s Best Fintech Partnership, highlighting its innovative contributions to digital banking. CEO Luvleen Sidhu is also a finalist for the Fintech Woman of the Year award, celebrating her work in empowering women in financial services. BMTX, with approximately two million accounts and a strong Banking-as-a-Service (BaaS) model, continues to disrupt the market. Winners will be announced on September 14, 2021.
BM Technologies (NYSE American: BMTX) is expanding its Banking-as-a-Service (BaaS) platform to credit unions and community banks, enhancing their digital capabilities. This move is aimed at improving access to financial services for underserved communities, with features like optional savings accounts and robust mobile apps. The company, which serves approximately 735 colleges, reports being EBITDA-positive with about two million accounts. BMTX's BaaS model offers cost-effective solutions while helping financial institutions remain competitive in the evolving digital landscape.
