Welcome to our dedicated page for Bm Technologies news (Ticker: BMTX), a resource for investors and traders seeking the latest updates and insights on Bm Technologies stock.
BM Technologies Inc (BMTX) news coverage ended following the company's acquisition by First Carolina Bank in early 2025. The stock was delisted from NYSE American on February 3, 2025, after shareholders received $5.00 per share in cash upon completion of the merger on January 31, 2025.
Prior to the acquisition, BM Technologies operated as one of the largest digital banking platforms and Banking-as-a-Service providers in the United States. News coverage of the company typically focused on partnerships with colleges and universities for financial aid disbursement services, Banking-as-a-Service client announcements, financial results, and developments in the digital banking and fintech sectors.
The company served over 725 college and university campuses and more than two million account holders through its dual business model of higher education disbursements and white label banking solutions. Major news events included contract wins with educational institutions, technology platform updates, regulatory compliance matters, and quarterly earnings reports showing revenue from interchange fees and service charges.
BM Technologies, formerly known as BankMobile, was founded in 2015 and rebranded in 2021. As a technology company rather than a bank, it partnered with FDIC-insured institutions including First Carolina Bank and Customers Bank to provide banking services. The company competed in the evolving Banking-as-a-Service landscape alongside other fintech platforms and digital banking providers.
Following the acquisition announcement in October 2024, news coverage centered on the transaction details, shareholder approval process, regulatory approvals, and the transition of operations to First Carolina Bank ownership. The company now operates as a wholly owned subsidiary of First Carolina Bank while maintaining its brand and continuing to serve existing institutional and consumer customers.
BM Technologies (BMTX) reported strong financial results for Q1 2024, with a revenue increase to $16.2 million from $13.4 million in Q1 2023, and a net income of $0.7 million compared to a net loss of $5.0 million in the previous year. Core EBITDA rose from a loss of $1.9 million in Q1 2023 to a positive $1.4 million. The company highlighted growth in interchange and card revenue (15%) and servicing revenue (35%). Operating expenses saw a 21% decline year-over-year. BMTX retained 99% of its Higher Education clients and saw significant engagement in its BaaS vertical. Liquidity remains strong with $14.6 million in cash and no debt.
BM Technologies (NYSE American: BMTX), a major digital banking platform and BaaS provider, will announce its Q1 2024 earnings on May 16, 2024.
The company will host a live webcast to discuss the results at 9:00 am ET. Interested parties can access the webcast through the company's investor relations website.
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