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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) 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.
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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