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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 third quarter and year-to-date results, showing revenue of $67.9 million and net income of $3.4 million for the nine months ended September 30, 2022. Core EBITDA was $16.4 million, with Q3 net loss at $(4.9) million.
The company has partnered with Helix for enhanced Banking-as-a-Service, and is negotiating with a new sponsor bank for improved terms. New checking account sign-ups rose by 11%, demonstrating growth despite challenges like inflation and rising interest rates.
BM Technologies, Inc. (NYSE American: BMTX) announces a live webcast for its Q3 2022 earnings on November 15, 2022, at 9:00 AM ET. As one of the largest providers of Banking-as-a-Service (BaaS) in the country, BM Technologies aims to empower millions of Americans with innovative banking solutions. The company has signed a definitive agreement to merge with First Sound Bank, enhancing its digital banking capabilities. The merger is contingent upon regulatory approvals.
Helix by Q2 (QTWO) and BM Technologies (BMTX) have forged a partnership to deliver embedded banking solutions, combining Helix's finance platform with BM Technologies' app development services. This collaboration allows consumer brands to provide personalized banking experiences without extensive management. Helix serves over 13 million users and processes more than $40 billion in transactions annually. The integrated solution addresses market demands for flexibility and speed, offering brands a comprehensive banking-as-a-service platform.
BM Technologies, Inc. (NYSE American: BMTX) announced that over 97% of its college and university partners value the BankMobile Vibe Checking Account for students. This account is recognized for its low fees and beneficial features, including financial literacy programs. BMTX operates on about 750 campuses, serving one in three college-bound students. The company disbursed $13.8 billion in the last year, with $1.7 billion going into Vibe Accounts. A merger with First Sound Bank is also underway, pending regulatory approval.
BM Technologies reported strong financial results for 1H 2022, with a net income of $8.4 million and record Core EBITDA of $15.1 million, reflecting an 8% increase despite macroeconomic challenges. Q2 2022 revenues rose 3% year-over-year to $23 million, while average serviced deposits surged 29% to $2 billion. The company signed contracts with new partners and continues to prepare for a merger with First Sound Bank by year-end. BMTX's cash balance stood at $32.5 million as of June 30, 2022.
BM Technologies, Inc. (BMTX) has expanded its senior leadership team by appointing Jason Swartley as General Counsel, Amanda Meyer as SVP of People, and Steve Lenderman as SVP of Global Loss Prevention & Fraud Management. Swartley brings extensive legal expertise, while Meyer has a strong background in human resources and organizational transformation. Lenderman leads fraud prevention efforts with over 25 years of experience. These strategic hires aim to facilitate BMTX's growth and strengthen its digital banking platform, which serves around two million accounts.
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