BM Technologies, Inc. - BMTX STOCK NEWS

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 (BMTX) has announced a definitive agreement to merge with First Sound Bank (FSB) for approximately $23 million, with a per-share price of up to $7.22. This merger aims to create BMTX Bank, enhancing its fintech offerings and expanding its digital banking footprint. The transaction is expected to close in the second half of 2022, pending regulatory approvals. BMTX anticipates that the merger will significantly boost revenue and earnings over the next 1-3 years, while also allowing for new product offerings, customer retention, and enhanced financial health for clients.

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, Inc. (NYSE American: BMTX) has raised its preliminary third quarter revenue and EBITDA guidance to approximately $22 million and $6 million, respectively. The company projects full-year revenues of about $92 million, a 37% increase compared to 2020. In Q2 2021, BMTX reported a 48% revenue increase year-over-year. CEO Luvleen Sidhu emphasized growth in new business areas, despite Google's Plex program winding down. The company aims to enhance customer engagement with new services over the next 18 months.

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.