Radnor, PA, June 24, 2021 (GLOBE NEWSWIRE) -- BM Technologies, Inc. (NYSE American: BMTX, BMTX.W), one of the largest digital banking platforms in the country, announced eight new partnerships with colleges and universities across the U.S. Over 47,000 additional students now have access to BankMobile Disbursements and the BankMobile Vibe checking account. BankMobile Disbursements is a technology solution that processes and disburses student financial aid credit balances on behalf of college and university administrations.
“We are delighted to announce these new partnerships today,” stated Luvleen Sidhu, Chair, CEO and Founder of BM Technologies (BMTX). Students at these schools now have access to our financially-empowering and easy-to-use disbursement and banking products.”
The new partnerships are with Northeastern Technical College, Ultimate Medical Academy-Clearwater, California State University-Monterey Bay, Orangeburg Calhoun Technical College, Pacific College of Health and Science, Pierce College District, StrataTech Education Group and Texas College.
"We are always looking for ways to improve the student experience and are excited that with the new BankMobile Disbursements platform, our students will be able to quickly and conveniently access their disbursement funds,” said Northeastern Technical College’s Director of Finance, Ken Burton.
BankMobile Disbursements serves approximately 725 colleges and universities, covering one in every three college students in the U.S. Through this platform, BM Technologies (BMTX) provides the option for students to receive their financial aid refund checks electronically and has an annual electronic disbursement rate of 89%. It has also helped over 16 million students get their funds on time.
Features of the BankMobile Vibe checking account include: interest-bearing accounts; access to more than 55,000 fee-free Allpoint® ATMs; early payday; money management tools; robust mobile apps; and financial wellness.
Additionally, students who use BankMobile Vibe have access to Passport. This is the account’s recognition program, where users earn stamps for smart money management, academic achievement and good financial behavior. Every stamp earned also gives them an entry into the Student Success Sweepstakes for a chance to win prize money put toward paying off their student loan debt. Approximately 1,420,000 customers are currently enrolled or participating in Passport.
Launched in January 2015, BM Technologies (BMTX), formerly known as BankMobile, is on a mission to provide a digital-first banking experience that is simple, affordable and consumer-friendly. It has a disruptive, multi-partner distribution model, known as Banking-as-a-Service (BaaS) and has approximately two million accounts. The company went public this year and is being traded under the fintech stock ticker symbols BMTX and BMTX.W. With approximately two million accounts, BM Technologies (BMTX) is EBITDA-positive. Its low-cost distribution and profitable model continue to set it apart from other neobanking fintechs in the market.
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About BM Technologies, Inc. (BMTX)
BM Technologies, Inc. (NYSE American: BMTX, BMTX.W)—fomerly known as BankMobile— is among the largest digital banking platforms in the U.S., providing access to checking and savings accounts, personal loans, credit cards, and financial wellness. It is focused on technology, innovation, easy-to-use products, and education with the mission of being “customer-obsessed” and creating “customers for life.” The BM Technologies (BMTX) digital banking platform employs a multi-partner distribution model, known as “Banking-as-a-Service” (BaaS), that enables the acquisition of customers at higher volumes and substantially lower expense than traditional banks, while providing significant benefits to its customers, partners and business. BM Technologies (BMTX) currently has approximately two million accounts and provides disbursement services at approximately 725 college and university campuses (covering one out of every three college students in the U.S.). BM Technologies, Inc. (BMTX) is a technology company and is not a bank, which means it provides banking services through its partner bank. More information can also be found at https://ir.bmtxinc.com/.