BM (BMTX) 10-Q 20 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 20, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-38633
Entity Registrant Name	BM Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3410369
Entity Address, Address Line One	201 King of Prussia Road, Suite 650
Entity Address, City or Town	Wayne
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
City Area Code	877
Local Phone Number	327-9515
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,869,925
Entity Central Index Key	0001725872
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	BMTX
Security Exchange Name	NYSEAMER
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
Entity Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
Trading Symbol	BMTX-WT
Security Exchange Name	NYSEAMER

CONSOLIDATED BALANCE SHEETS - U

CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 8,802	$ 21,108
Accounts receivable, net allowance for doubtful accounts of $655 and $305	8,511	8,260
Prepaid expenses and other assets	6,088	9,076
Total current assets	23,401	38,444
Premises and equipment, net	534	508
Developed software, net	17,668	22,324
Goodwill	5,259	5,259
Other intangibles, net	4,189	4,429
Other assets	0	72
Total assets	51,051	71,036
Liabilities:
Accounts payable and accrued liabilities	12,513	12,684
Deferred revenue	3,440	6,647
Total current liabilities	15,953	19,331
Non-current liabilities:
Liability for private warrants	378	2,847
Other non-current liabilities	480	0
Total liabilities	16,811	22,178
Commitments and contingencies (Note 7)
Shareholders’ equity:
Preferred stock: Par value $0.0001 per share; 10,000,000 shares authorized, none issued or outstanding at both September 30, 2023 and December 31, 2022	0	0
Common stock: Par value $0.0001 per share; 1 billion shares authorized; 11,869,925 shares issued and outstanding at September 30, 2023; 12,240,237 shares issued and outstanding at December 31, 2022	1	1
Additional paid-in capital	71,092	72,342
Accumulated deficit	(36,853)	(23,485)
Total shareholders’ equity	34,240	48,858
Total liabilities and shareholders’ equity	$ 51,051	$ 71,036

CONSOLIDATED BALANCE SHEETS -_2

CONSOLIDATED BALANCE SHEETS - UNAUDITED (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 655	$ 305	$ 79
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	11,869,925	12,240,237
Common stock, shares outstanding (in shares)	11,869,925	12,240,237

CONSOLIDATED STATEMENTS OF (LOS

CONSOLIDATED STATEMENTS OF (LOSS) INCOME - UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating revenues:
Total operating revenues	$ 14,741	$ 19,858	$ 41,212	$ 67,913
Operating expenses:
Technology, communication, and processing	8,186	7,731	21,768	21,944
Salaries and employee benefits	4,773	10,773	17,337	30,656
Professional services	2,948	2,454	7,926	7,225
Provision for operating losses	2,138	1,564	5,628	5,006
Occupancy	9	160	33	875
Customer related supplies	227	225	677	676
Advertising and promotion	128	242	371	461
Restructuring, merger, and acquisition related expenses	0	0	993	290
Other expense	717	989	2,280	2,467
Total operating expenses	19,126	24,138	57,013	69,600
Loss from operations	(4,385)	(4,280)	(15,801)	(1,687)
Non-operating income and expense:
Gain (loss) on fair value of private warrant liability	433	(1,369)	2,449	6,916
(Loss) income before income tax expense	(3,952)	(5,649)	(13,352)	5,229
Income tax (benefit) expense	0	(729)	16	1,823
Net (loss) income	$ (3,952)	$ (4,920)	$ (13,368)	$ 3,406
Weighted average number of shares outstanding - basic (in shares)	11,570	11,940	11,567	11,944
Weighted average number of shares outstanding - diluted (in shares)	11,570	11,940	11,567	12,215
Basic (loss) earnings per common share (in dollars per share)	$ (0.34)	$ (0.41)	$ (1.16)	$ 0.29
Diluted (loss) earnings per common share (in dollars per share)	$ (0.34)	$ (0.41)	$ (1.16)	$ 0.28
Interchange and card revenue
Operating revenues:
Total operating revenues	$ 2,652	$ 5,325	$ 7,535	$ 17,283
Servicing fees
Operating revenues:
Total operating revenues	8,658	10,163	22,990	37,650
Account fees
Operating revenues:
Total operating revenues	1,931	2,110	5,981	6,872
University fees
Operating revenues:
Total operating revenues	1,412	1,357	4,291	4,406
Other revenue
Operating revenues:
Total operating revenues	$ 88	$ 903	$ 415	$ 1,702

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Accumulated Deficit
Balance, beginning of period (in shares) at Dec. 31, 2021		12,193,378
Balance, beginning of period at Dec. 31, 2021	$ 37,981	$ 1	$ 60,686	$ (22,706)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	3,964			3,964
Conversion of private warrants to public warrants	725		725
Tax paid on behalf of employees related to net settlement of share-based awards (in shares)		(37,506)
Tax paid on behalf of employees related to net settlement of share-based awards	(225)		(225)
Share-based compensation expense (in shares)		90,075
Share-based compensation expense	2,919		2,919
Balance, end of period (in shares) at Mar. 31, 2022		12,245,947
Balance, end of period at Mar. 31, 2022	45,364	$ 1	64,105	(18,742)
Balance, beginning of period (in shares) at Dec. 31, 2021		12,193,378
Balance, beginning of period at Dec. 31, 2021	37,981	$ 1	60,686	(22,706)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	3,406
Balance, end of period (in shares) at Sep. 30, 2022		12,238,447
Balance, end of period at Sep. 30, 2022	50,602	$ 1	69,901	(19,300)
Balance, beginning of period (in shares) at Mar. 31, 2022		12,245,947
Balance, beginning of period at Mar. 31, 2022	45,364	$ 1	64,105	(18,742)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	4,362			4,362
Share-based compensation expense (in shares)		(7,000)
Share-based compensation expense	3,053		3,053
Balance, end of period (in shares) at Jun. 30, 2022		12,238,947
Balance, end of period at Jun. 30, 2022	52,779	$ 1	67,158	(14,380)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(4,920)			(4,920)
Issuance of common stock as compensation (in shares)		6,000
Issuance of common stock as compensation	37		37
Share-based compensation expense (in shares)		(6,500)
Share-based compensation expense	2,706		2,706
Balance, end of period (in shares) at Sep. 30, 2022		12,238,447
Balance, end of period at Sep. 30, 2022	$ 50,602	$ 1	69,901	(19,300)
Balance, beginning of period (in shares) at Dec. 31, 2022	12,240,237	12,240,237
Balance, beginning of period at Dec. 31, 2022	$ 48,858	$ 1	72,342	(23,485)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(4,960)			(4,960)
Conversion of private warrants to public warrants	20		20
Tax paid on behalf of employees related to net settlement of share-based awards (in shares)		(473,874)
Tax paid on behalf of employees related to net settlement of share-based awards	(2,429)		(2,429)
Share-based compensation expense (in shares)		95,147
Share-based compensation expense	447		447
Balance, end of period (in shares) at Mar. 31, 2023		11,861,510
Balance, end of period at Mar. 31, 2023	$ 41,936	$ 1	70,380	(28,445)
Balance, beginning of period (in shares) at Dec. 31, 2022	12,240,237	12,240,237
Balance, beginning of period at Dec. 31, 2022	$ 48,858	$ 1	72,342	(23,485)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ (13,368)
Balance, end of period (in shares) at Sep. 30, 2023	11,869,925	11,869,925
Balance, end of period at Sep. 30, 2023	$ 34,240	$ 1	71,092	(36,853)
Balance, beginning of period (in shares) at Mar. 31, 2023		11,861,510
Balance, beginning of period at Mar. 31, 2023	41,936	$ 1	70,380	(28,445)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(4,456)			(4,456)
Tax paid on behalf of employees related to net settlement of share-based awards (in shares)		(1,765)
Tax paid on behalf of employees related to net settlement of share-based awards	(5)		(5)
Share-based compensation expense (in shares)		6,600
Share-based compensation expense	568		568
Balance, end of period (in shares) at Jun. 30, 2023		11,866,345
Balance, end of period at Jun. 30, 2023	38,043	$ 1	70,943	(32,901)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(3,952)			(3,952)
Tax paid on behalf of employees related to net settlement of share-based awards (in shares)		(1,253)
Tax paid on behalf of employees related to net settlement of share-based awards	(4)		(4)
Share-based compensation expense (in shares)		4,833
Share-based compensation expense	$ 153		153
Balance, end of period (in shares) at Sep. 30, 2023	11,869,925	11,869,925
Balance, end of period at Sep. 30, 2023	$ 34,240	$ 1	$ 71,092	$ (36,853)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net (loss) income	$ (13,368)	$ 3,406
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation of premises and equipment	198	239
Loss on disposal of premises and equipment	0	38
Amortization of developed software	9,250	8,581
Amortization of other intangible assets	240	240
Amortization of leased assets	0	398
Provision for bad debt	350	70
Share-based compensation expense	1,534	8,715
Gain on fair value of private warrant liability	(2,449)	(6,916)
Changes in operating assets and liabilities:
Accounts receivable	(601)	510
Prepaid expenses and other current assets	2,988	(4,851)
Other assets	72	0
Accounts payable and accrued liabilities	(537)	3,556
Taxes payable	0	(1,807)
Operating lease liabilities	0	(416)
Deferred revenue	(3,207)	(4,313)
Net Cash (used in) provided by Operating Activities	(5,530)	7,450
Cash Flows from Investing Activities:
Development of internal use software	(4,114)	(4,013)
Purchases of premises and equipment	(224)	(506)
Net Cash used in Investing Activities	(4,338)	(4,519)
Cash Flows from Financing Activities:
Repurchase of private warrants	0	(1,977)
Payments related to net settlement of share-based compensation awards	(2,438)	(225)
Net Cash used in Financing Activities	(2,438)	(2,202)
Net (Decrease) Increase in Cash and Cash Equivalents	(12,306)	729
Cash and Cash Equivalents – Beginning	21,108	25,704
Cash and Cash Equivalents – Ending	8,802	26,433
Supplementary Cash Flow Information:
Income taxes (refunded) paid, net	(4,323)	7,704
Noncash Operating, Investing, and Financing Activities:
Conversion of private warrants to public warrants	20	0
Contingent liability for acquired software	$ 480	$ 0

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS	9 Months Ended
	Sep. 30, 2023
Business Description And Reverse Recapitalization [Abstract]
DESCRIPTION OF THE BUSINESS	DESCRIPTION OF THE BUSINESS BM Technologies, Inc. (“BMTX” or the “Company”) (formerly known as BankMobile) provides state-of-the-art high-tech digital banking and disbursement services to consumers and students nationwide through a full service fintech banking platform, accessible to customers anywhere and anytime through digital channels. BankMobile Technologies, Inc. (“BankMobile”) was incorporated in May 2016 as a wholly-owned subsidiary of Customers Bank. On August 6, 2020, the Company entered into an Agreement and Plan of Merger, by and among Megalith Financial Acquisition Corporation, a special purpose acquisition company (“Megalith”), incorporated in Delaware in November 2017, MFAC Merger Sub Inc., a wholly-owned subsidiary of Megalith, BankMobile Technologies, Inc., and Customers Bank, the sole stockholder of BankMobile. On January 4, 2021, BankMobile became an independent company after the completion of a divestiture transaction and was rebranded BM Technologies, Inc. BMTX facilitates deposits and banking services between a customer and our current partner bank, Customers Bank, a Pennsylvania state-chartered bank, which is a related party and is a Federal Deposit Insurance Corporation (“FDIC”) insured bank. BMTX’s business model leverages partners’ existing customer bases to achieve high volume, low-cost customer acquisition in its Higher Education Disbursement, Banking-as-a-Service (“BaaS”), and niche Direct to Consumer (“D2C”) banking businesses. BMTX has four primary revenue sources: interchange and card revenue, servicing fees, account fees, and university fees. The majority of revenues are driven by customer activity (deposits, spend, transactions, etc.) and may be paid or passed through by Customers Bank, universities, or paid directly by customers. Customers Bank currently holds the FDIC insured deposits that BMTX sources and services and is the issuing bank on BMTX’s debit cards. Customers Bank pays the Company a servicing fee for the deposits generated and passes through interchange income earned from transactions on debit cards. On November 7, 2022, the Company and Customers Bank amended the Deposit Processing Services Agreement (the “DPSA Amendment”). The DPSA Amendment, among other things, will facilitate the transfer of the Company’s serviced deposits to a new partner bank and extends the termination date of the Deposit Processing Services Agreement until the earlier of: (i) entry into a definitive agreement with a new partner bank to transfer the Company’s serviced deposits to such partner bank and the successful completion of such transfer; or (ii) June 30, 2023. On March 22, 2023, the Company and Customers Bank entered into a second amendment to the Deposit Processing Services Agreement (the “DPSA Second Amendment”) for the Higher Education serviced deposit accounts. The DPSA Second Amendment, among other things, extends the termination date of the Deposit Processing Services Agreement until the earlier of (i) the transfer of the Company’s Higher Education serviced deposits to a Durbin-exempt partner bank; or (ii) June 30, 2024; and revises the fee structure of the Deposit Processing Services Agreement. Also on March 22, 2023, the Company and Customers Bank entered into a new agreement for the current BaaS serviced deposit accounts (the “2023 Deposit Servicing Agreement”), under which, effective March 31, 2023, the Company will perform, on behalf of Customers Bank, Customer Bank’s services, duties, and obligations by and between Customers Bank and T-Mobile USA, Inc. that are not required to be provided by an FDIC insured financial institution. On August 18, 2023, the Company and Customers Bank entered into a third amendment to the Deposit Processing Services Agreement (the “DPSA Third Amendment”) for the Higher Education serviced deposit accounts. The DPSA Third Amendment extends the termination date of the Deposit Processing Services Agreement until the earlier of (i) the transfer of the Company’s Higher Education serviced deposits to a Durbin-exempt partner bank; or (ii) April 15, 2025. On March 16, 2023, the Company entered into a Deposit Servicing Agreement (the “FCB Deposit Servicing Agreement”) with a new partner bank, First Carolina Bank, a North Carolina chartered, non-member community bank (“FCB”), which provides that FCB will establish and maintain deposit accounts and other banking services in connection with customized products and services offered by the Company to its Higher Education institution clients, and the Company will provide certain other related services in connection with the accounts. On August 20, 2023, the Company and FCB entered into an amendment to the FCB Deposit Servicing Agreement (the “FCB DPSA First Amendment”). The FCB DPSA First Amendment, among other things, (i) extends the initial term from four years to five years after the effective date, (ii) provides that FCB will work with the Company and Customers Bank on the timely transfer of existing student depositor accounts on or before the effective date, and as agreed to by the parties, and (iii) amends the effective date to be the date on which FCB takes on deposits from the existing student depositor accounts. The FCB Deposit Servicing Agreement and Amendment thereof may be terminated early by either party upon material breach, by either party upon notice that the continuation of the Depositor Program violates Applicable Law or Network Rules (as defined in the FCB Deposit Servicing Agreement); by FCB if a regulatory authority determined that the performance of its obligations under the FCB Deposit Servicing Agreement was not consistent with safe and sound banking practices; by either party upon the other party commencing or being subject to certain bankruptcy proceedings; and by the Company should it experience a change in control on or after March 16, 2026. The Company continues to actively work on the transfer of its Higher Education customer deposits from Customers Bank to FCB with transfer expected to occur during December 2023. BMTX is not a bank, does not hold a bank charter, and does not provide banking services, and as a result, it is not subject to direct banking regulation, except as a service provider to our partner banks. BMTX is also subject to the regulations of the Department of Education (“ED”), due to its student disbursements business, and is periodically examined by it. BMTX’s contracts with most of its Higher Education institution clients require it to comply with numerous laws and regulations, including, where applicable, regulations promulgated by the ED regarding the handling of student financial aid funds received by institutions on behalf of their students under Title IV of the Higher Education Act of 1965; the Family Educational Rights and Privacy Act of 1995; the Electronic Fund Transfer Act and Regulation E; the USA PATRIOT Act and related anti-money laundering requirements; and certain federal rules regarding safeguarding personal information, including rules implementing the privacy provisions of the Gramm-Leach-Bliley Act. Other products and services offered by BMTX may also be subject to other federal and state laws and regulations.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These interim unaudited consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). Any reference to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted from these interim unaudited consolidated financial statements as permitted by U.S. GAAP and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of Management, necessary to present a fair statement of the financial position and the results of operations and cash flows of BMTX for the interim periods presented. The preparation of interim unaudited consolidated financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the interim unaudited consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include going concern assessment, valuation of deferred tax assets, valuation of private warrants, and goodwill and intangible asset impairment analysis. Actual results could differ from those estimates. FASB ASC 205-40, Presentation of Financial Statements - Going Concern, requires Management to assess an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. In each reporting period, including interim periods, an entity is required to assess conditions known and reasonably knowable as of the financial statement issuance date to determine whether it is probable an entity will not meet its financial obligations within one year from the financial statement issuance date. Management has performed this required assessment as of November 20, 2023, and believes there are sufficient funds available to support its ongoing business operations and continue as a going concern for at least the next 12 months with projected liquidity of $11.1 million at November 20, 2024. Management’s assessment is subject to known and unknown risks, uncertainties, assumptions, and changes in circumstances, many of which are beyond our control including the impact of the macroeconomic environment, and that are difficult to predict as to timing, extent, likelihood, and degree of occurrence, and that could cause actual results to differ from estimates and forecasts, potentially materially. Based upon the results of Management’s assessment, these interim unaudited consolidated financial statements have been prepared on a going concern basis. The interim unaudited consolidated financial statements do not include any adjustments that could result from the outcome of the aforementioned risks and uncertainties. Significant Accounting Policies These interim unaudited consolidated financial statements should be read in conjunction with the 2022 audited consolidated financial statements and related notes of BMTX, which describe BMTX’s significant accounting policies. There have been no material changes to BMTX’s significant accounting policies during the nine months ended September 30, 2023 except as noted below. Insurance Premium Finance Obligations The Company includes the obligation for its insurance premium financing in Accounts payable and accrued liabilities on the interim unaudited Consolidated Balance Sheets. At September 30, 2023, the Company had two premium finance arrangements outstanding with balances totaling $0.3 million, average remaining installment payment terms of 2.5 months, and a weighted average annualized finance charge of 4.95%. 401(k) Plan On January 3, 2023, the Company implemented the BM Technologies, Inc. 401(k) Plan (the “401(k) Plan”) for the benefit of BMTX’s eligible employees. The 401(k) Plan permits eligible employees to make voluntary contributions, up to a maximum of $63.5 thousand per year, subject to certain limitations. The Company offers a matching contribution equal to 50% of an eligible employee’s deferral election up to 3% of their annual salary. The Company records its contributions to the 401(k) Plan in Salaries and employee benefits on the unaudited Consolidated Statements of (Loss) Income . The Company’s employer contribution to the 401(k) Plan for the three and nine months ended September 30, 2023 totaled $0.1 million and $0.5 million, respectively. Accounting Standards Update As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised ASUs applicable to public companies until such pronouncements are applicable to private companies. The Company has elected to use the extended transition period under the JOBS Act. From time to time, new accounting pronouncements are issued by the FASB that are adopted by BMTX as of the required effective dates. During the nine months ended September 30, 2023 there were no ASUs adopted by the Company that were considered material and there were no ASUs issued prior to September 30, 2023, which were not yet effective, considered relevant or material to the Company’s financial statements taken as a whole.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable, net primarily relate to billings for deposit processing services to Customers Bank, MasterCard incentive income, uncollected university subscription and disbursement services fees, and receivables from our BaaS partners, and are recorded at face amounts less an allowance for doubtful accounts. Management evaluates accounts receivable and establishes the allowance for doubtful accounts based on historical experience, analysis of past due accounts, and other current available information. Accounts receivable deemed to be uncollectible are individually identified and are charged-off against the allowance for doubtful accounts. The allowance for doubtful accounts was $0.7 million at September 30, 2023 and $0.3 million at December 31, 2022. (amounts in thousands) Beginning Balance Additions Reductions Ending Balance Allowance for doubtful accounts Nine months ended September 30, 2023 $ 305 $ 1,001 $ (651) $ 655 Twelve months ended December 31, 2022 $ 79 $ 381 $ (155) $ 305

PREMISES AND EQUIPMENT AND DEVE

PREMISES AND EQUIPMENT AND DEVELOPED SOFTWARE	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
PREMISES AND EQUIPMENT AND DEVELOPED SOFTWARE	PREMISES AND EQUIPMENT AND DEVELOPED SOFTWARE Premises and Equipment The components of premises and equipment were as follows: (amounts in thousands) Expected Useful Life September 30, December 31, IT equipment 3 to 5 years $ 862 $ 1,377 Accumulated depreciation (328) (869) Total $ 534 $ 508 BMTX recorded depreciation expense of less than $0.1 million and $0.2 million for the three and nine months ended September 30, 2023, respectively, as a component of Technology, communication, and processing expense on the unaudited Consolidated Statements of (Loss) Income and less than $0.1 million and $0.3 million for the three and nine months ended September 30, 2022, respectively, as a component of Occupancy expense on the unaudited Consolidated Statements of (Loss) Income. BMTX recorded no impairment expense during the three and nine months ended September 30, 2023 and 2022. Developed Software The components of developed software were as follows: (amounts in thousands) Expected Useful Life September 30, December 31, Higher One Disbursement business developed software 10 years $ 27,400 $ 27,400 Internally developed software 3 to 7 years 44,647 42,504 Work-in-process 5,528 3,077 77,575 72,981 Accumulated amortization (59,907) (50,657) Total $ 17,668 $ 22,324 Amortization is recorded in Technology, communication, and processing expense on the unaudited Consolidated Statements of (Loss) Income . BMTX recorded amortization expense of $3.3 million and $9.2 million for the three and nine months ended September 30, 2023, respectively. BMTX recorded amortization expense of $2.8 million and $8.6 million for the three and nine months ended September 30, 2022, respectively. BMTX recorded no impairment expense during the three and nine months ended September 30, 2023 and 2022.

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLES	GOODWILL AND OTHER INTANGIBLES Goodwill represents the excess of the purchase price over the identifiable net assets of businesses acquired through business combinations accounted for under the acquisition method. Goodwill is reviewed for impairment annually as of October 31 and between annual tests when events and circumstances indicate that impairment may have occurred. There was no goodwill impairment for the three and nine months ended September 30, 2023 and 2022. Other intangibles, net represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. We have one intangible asset which is being amortized on a straight-line basis over twenty years. The components of Other intangibles, net as of September 30, 2023 and December 31, 2022 were as follows: (amounts in thousands) Expected Useful Life September 30, December 31, Customer relationships – universities 20 years $ 6,402 $ 6,402 Accumulated amortization (2,213) (1,973) Total $ 4,189 $ 4,429 Other intangibles, net, includes assets subject to amortization that are reviewed for impairment under FASB ASC 360, Property, Plant and Equipment . Amortization is recorded in Other expense on the unaudited Consolidated Statements of (Loss) Income . BMTX recorded amortization expense of less than $0.1 million and $0.2 million for the three and nine months ended September 30, 2023, respectively. BMTX recorded amortization expense of less than $0.1 million and $0.2 million for the three and nine months ended September 30, 2022, respectively. The customer relationships - universities will be amortized in future periods as follows: Remainder of 2023 $ 80 2024 320 2025 320 2026 320 2027 320 After 2027 2,829 Total $ 4,189 BMTX recorded no impairment expense during the three and nine months ended September 30, 2023 and 2022.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
LEASES	LEASES At January 1, 2022, BMTX leased two offices under operating leases. On March 31, 2022, one of the two office leases matured, and we exited our New Haven, CT office facility. On September 30, 2022, the second office lease matured at our Wayne, PA office. On October 1, 2022, the Company entered into a 3-month short-term lease extension for this office under substantially identical terms and conditions as the original lease. At December 31, 2022, the 3-month short-term lease extension expired and was not renewed. The Company’s corporate headquarters is currently operating under a month-to-month short-term lease. At September 30, 2023 and December 31, 2022, the Company had no operating lease right-of-use assets and operating lease liabilities outstanding. Operating lease expenses are recorded in Occupancy on the unaudited Consolidated Statements of (Loss) Income. BMTX recorded lease expense of less than $0.1 million and $0.1 million for the three and nine months ended September 30, 2023, respectively. BMTX recorded lease expense of less than $0.1 million and $0.5 million for the three and nine months ended September 30, 2022, respectively. Cash paid pursuant to operating lease liabilities totaled zero for the three and nine months ended September 30, 2023, respectively. Cash paid pursuant to operating lease liabilities totaled less than $0.1 million and $0.5 million for the three and nine months ended September 30, 2022, respectively. These cash payments are reported as a component of cash flows (used in) provided by operating activities on the unaudited Consolidated Statements of Cash Flows .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable, and an amount or range of loss can be reasonably estimated. Management does not believe there are any such matters that will have a material effect on the interim unaudited consolidated financial statements that are not currently accrued for. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution may have a material adverse effect on BMTX’s results of operations for a particular period, and future changes in circumstances or additional information could result in accruals or resolution in excess of established accruals, which could adversely affect BMTX’s results of operations, potentially materially. On June 5, 2023, the Company entered into an agreement to purchase certain software technology assets from a third-party. Purchase consideration was comprised of a cash payment of less than $0.1 million at closing and potential future contingent consideration of $0.5 million over the next three years if the technology is successfully and continuously deployed by the Company. The $0.5 million of contingent consideration is reported in Other non-current liabilities on the unaudited Consolidated Balance Sheets .

SHAREHOLDERS' EQUITY AND PRIVAT

SHAREHOLDERS' EQUITY AND PRIVATE WARRANT LIABILITY	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
SHAREHOLDERS' EQUITY AND PRIVATE WARRANT LIABILITY	SHAREHOLDERS’ EQUITY AND PRIVATE WARRANT LIABILITY Common Stock The Company is authorized to issue 1,000,000,000 shares of common stock, par value 0.0001 per share. At September 30, 2023, there were 11,869,925 shares of common stock issued and outstanding, which includes the 300,000 performance shares discussed below. At December 31, 2022 there were 12,240,237 shares of common stock issued and outstanding which includes the 300,000 performance shares discussed below. Each holder of common stock is entitled to one vote for each share of common stock held of record by such holder on all matters on which stockholders generally are entitled to vote. The holders of common stock do not have cumulative voting rights in the election of directors. Generally, all matters to be voted on by stockholders must be approved by a majority (or, in the case of election of directors, by a plurality) of the votes entitled to be cast by all stockholders present in person or represented by proxy, voting together as a single class. Preferred Stock The Company is authorized to issue 10,000,000 shares of preferred stock, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s Board of Directors. At September 30, 2023 and December 31, 2022, there were no shares of preferred stock issued or outstanding. Performance Shares The Company has 300,000 common shares, par value $0.0001 per share, issued and outstanding that contain a restrictive legend, subject to release only if the vesting criteria are met before the seventh anniversary of the closing date of the merger with Megalith. If the vesting criteria are not met prior to the seven Dividend Policy We have not paid any cash dividends on our common stock to date and have no present intention to pay cash dividends in the future. The payment of cash dividends by the Company in the future will be dependent upon the Company’s revenues and earnings, capital requirements, and general financial condition. The payment of any dividends will be within the discretion of the Board of Directors of the Company. January 4, 2021 Share-Based Compensation Award In connection with its January 4, 2021 divestiture of the Company, Customers Bank, the Company’s former parent, granted 1,317,035 of the merger consideration shares of the Company it received to certain employees and executives of the Company. The share-based compensation award was subject to vesting conditions, including a required service condition from award recipients through January 3, 2023. The grant date fair value of the award, totaling $19.6 million, was recorded as share-based compensation expense on the unaudited Consolidated Statements of (Loss) Income on a straight-line basis over the two-year post-grant vesting period, net of any actual forfeitures. The shares awarded were restricted until fully vested. The holders of restricted shares were provided an option to surrender a portion of their shares on the vesting date to cover their income tax obligations. On January 3, 2023, all restricted shares, net of prior forfeitures, vested. The change in unvested shares under the January 4, 2021 Share-Based Compensation Award is shown below: Number of Weighted-Average Balance as of December 31, 2022 1,168,146 $ 14.87 Vested (749,854) $ 14.87 Net settlement of share-based awards for taxes (418,292) $ 14.87 Balance as of September 30, 2023 — $ — BMTX recorded share-based compensation expense related to these awards of zero and less than $0.1 million for the three and nine months ended September 30, 2023, respectively. BMTX recorded share-based compensation expense related to these awards of $2.4 million and $6.9 million for the three and nine months ended September 30, 2022, respectively. Equity Incentive Plan Our 2020 Equity Incentive Plan (the “Equity Incentive Plan”) provides for the grant of incentive stock options, or ISOs, nonstatutory stock options, or NSOs, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards, and other forms of equity compensation, or collectively, stock awards, all of which may be granted to employees, including officers, non-employee directors, and consultants of both the Company and its affiliates. Additionally, the Equity Incentive Plan provides for the grant of performance cash awards. ISOs may be granted only to employees. All other awards may be granted to employees, including officers, and to non-employee directors and consultants. On June 20, 2023, an amendment to the Equity Incentive Plan was approved by the Company’s stockholders. The amendment increased the total number of shares of common stock authorized under the Equity Incentive Plan by 1,279,963, from 1,220,037 (the number of shares authorized under the original 2020 Equity Incentive Plan) to 2,500,000. Grants were made under the Equity Incentive Plan during the three and nine months ended September 30, 2023 as described within Restricted Stock Units and Performance - Based Restricted Stock Units below. Restricted Stock Units Restricted Stock Units (“RSUs”) granted under the Equity Incentive Plan generally vest in three or four equal installments on each anniversary of the grant date. The RSUs that have been granted are all paid in stock upon vesting, and are thus classified as equity awards, which are measured using the grant date fair value of BMTX common stock and are not remeasured at the end of each reporting period. We recognize compensation cost starting from the grant date on a straight-line basis over the required vesting period in accordance with FASB ASC 718, Compensation - Stock Compensation . We account for forfeitures as they occur and reverse any previously recognized compensation expense related to forfeited awards. Performance - Based Restricted Stock Units Performance - Based Restricted Stock Units (“PBRSUs”) granted under the Equity Incentive Plan currently vest upon the later of: a) the third year of employment following the grant date or b) the achievement of the specified performance goals within the fifth year of the grant date. As defined by the Equity Incentive Plan, the Compensation Committee of the Board of Directors determines the number of PBRSUs a participant earns based on the extent to which the corresponding performance goals have been achieved over the five-year performance cycle. The PBRSUs that have been granted are paid in stock upon vesting, and are thus classified as equity awards, which are measured using the grant date fair value of BMTX common stock and are not remeasured at the end of each reporting period. We account for forfeitures as they occur and reverse any previously recognized compensation expense related to forfeited awards. For PBRSUs with milestones, upon the grant date, and at each subsequent reporting period, we reassess whether it is probable that we will achieve each operational milestone, and if so, the period when we expect to achieve that operational milestone. If upon the grant date, we determine that achievement of an operational milestone is probable, we allocate the full share-based compensation expense over the period between the grant date and the expected vesting condition achievement date. If upon the grant date, achievement of the operational milestone is not probable, we do not recognize compensation expense. If after the grant date, we determine achievement of an operational milestone becomes probable, we will allocate the full share-based compensation expense over the period between the grant date and the expected vesting condition achievement date, and we will recognize a catch-up expense equal to the value of previously unrecognized expense from the grant date to the vesting condition achievement date. For PBRSUs with a market condition, we used a Monte Carlo simulation to determine the fair value on the grant date and recognize the share-based compensation expense over the derived service period. The change in unvested RSUs and PBRSUs awarded is shown below: Restricted Stock Units Performance-Based Restricted Stock Units Number of RSUs Weighted-Average Grant-Date Fair Value Per RSU Number of RSUs Weighted-Average Grant-Date Fair Value Per RSU Balance as of December 31, 2022 324,790 $ 8.84 335,000 $ 7.09 Granted 570,780 $ 3.40 455,000 $ 2.94 Vested (106,580) $ 8.65 — $ — Forfeited (308,554) $ 4.21 (295,000) $ 3.57 Balance as of September 30, 2023 480,436 $ 5.39 495,000 $ 5.37 For the three and nine months ended September 30, 2023, the share-based compensation expense related to the RSU awards, net of forfeitures, totaled $0.3 million and $1.2 million, respectively. For the three and nine months ended September 30, 2022, the share-based compensation expense related to the RSU awards, net of forfeitures, totaled $0.1 million and $1.0 million, respectively. For the three and nine months ended September 30, 2023, the share-based compensation expense related to the PBRSU awards, net of forfeitures, totaled $(0.1) million and $0.3 million, respectively. For the three and nine months ended September 30, 2022, the share-based compensation expense related to the PBRSU awards, net of forfeitures, totaled $0.2 million and $0.7 million, respectively. Employee Stock Purchase Plan (“ESPP”) The Company has an ESPP (the “BM Technologies Inc. 2021 Employee Stock Purchase Plan”) which has an effective date of May 1, 2021. The purpose of the ESPP is to provide eligible employees with an incentive to advance the interests of the Company and its Subsidiaries, by affording them an opportunity to purchase stock of the Company at a favorable price. As of September 30, 2023, there have been no shares purchased on behalf of employees under the ESPP, as the program has not yet been made available for employee participation. Warrants At September 30, 2023 and 2022, respectively, there were 22,703,004 warrants to purchase our common stock outstanding. The warrant totals for each period-end consist of 17,294,044 and 17,227,189 public warrants and 5,408,960 and 5,475,815 private warrants as of September 30, 2023 and 2022, respectively. Each whole warrant entitles the registered holder to purchase one whole share of common stock at a price of $11.50 per share. The warrants will expire five years after the completion of the merger with Megalith (January 4, 2026) or earlier upon redemption or liquidation; the Company has redemption rights if our common stock trades above $24.00 for 20 out of 30 days. The private warrants are identical to the public warrants except that the private warrants are non-redeemable and exercisable on a cashless basis so long as they are held by the sponsor and certain other original holders. Through September 30, 2023, 1,600 of the Company’s outstanding public warrants have been exercised and 1,169,903 of the private warrants have been repurchased by the Company from related parties at $1.69 per warrant. During the three and nine months ended September 30, 2023, zero and 66,855 of the private warrants have been reclassified to public warrants based upon a sale of the private warrants by the original holders which resulted in a modification of terms that effect classification as public warrants, respectively. There were no warrants exercised in the three and nine months ended September 30, 2023. During the three and nine month period ended September 30, 2022, zero and 300,000 of the private warrants have been reclassified to public warrants based upon a sale of the private warrants by the original holders which resulted in a modification of terms that effect classification as public warrants, respectively. There were zero and 100 warrants exercised in the three and nine months ended September 30, 2022, respectively. The private warrants and the public warrants are treated differently for accounting purposes, as follows: Private Warrants In accordance with FASB ASC Topic 480, Distinguishing Liabilities from Equity, the private warrants are accounted for as liabilities and are marked-to-market each reporting period with the change in fair value recognized in earnings. In general, under the mark-to-market accounting model, as our stock price increases, the private warrant liability increases, and we recognize additional expense on the unaudited Consolidated Statements of (Loss) Income – with the opposite when our stock price declines. Accordingly, the periodic revaluation of the private warrants could result in significant volatility in our reported earnings. Income Statement Impact : Subsequent to the close of the merger, any change in fair value of the private warrants is recognized on the unaudited Consolidated Statements of (Loss) Income below operating profit as Gain (loss) on fair value of private warrant liability with a corresponding amount recognized in the Liability for private warrants on the unaudited Consolidated Balance Sheets . For the three and nine months ended September 30, 2023, we recorded a gain of $0.4 million and $2.4 million, respectively, resulting from the revaluation of the private warrants. For the three and nine months ended September 30, 2022, we recorded a loss of $1.4 million and a gain of $6.9 million, respectively, resulting from the revaluation of the private warrants. Balance Sheet Impact : The private warrant liability is presented in the account Liability for private warrants in the long-term liabilities section of our unaudited Consolidated Balance Sheets . As noted above, the change in fair value of the underlying private warrants results in a corresponding change in the balance of the warrant liability on the unaudited Consolidated Balance Sheets . When warrants are exercised, the fair value of the liability is reclassified to Additional paid-in capital within equity. Cash received for the exercise of warrants is reflected in Cash and cash equivalents with a corresponding offset recorded in Common stock and Additional paid-in capital within equity. Cash Flow Impact : The impact of the change in the fair value of the private warrants has no impact on our cash flows as it is a noncash adjustment. Cash received for the exercise of warrants is recorded in cash flows from financing activities. Cash paid for the repurchase of warrants is recorded in cash flows from financing activities. During the nine months ended September 30, 2022, the Company repurchased private warrants from related parties for cash consideration totaling $2.0 million. No such transactions occurred during the nine months ended September 30, 2023. Shareholders’ Equity Impact : The impact to Additional paid in-capital as of the opening balance sheet is described above. Exercises of private warrants result in a reduction of the Liability for private warrants on the unaudited Consolidated Balance Sheets with a corresponding increase to Common Stock and Additional paid in-capital . Public Warrants In accordance with FASB ASC Topic 480, Distinguishing Liabilities from Equity, the public warrants are treated as equity instruments under U.S. GAAP. The public warrants are not marked-to-market each reporting period, thus there is no impact to earnings. Exercises of the public warrants are recorded as cash is received and are recorded in Cash and cash equivalents with a corresponding offset recorded in Common stock and Additional paid in-capital within equity. During the three and nine months ended September 30, 2023, there were no exercises of public warrants. During the three and nine months ended September 30, 2022, there were 100 public warrants exercised.

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES Revenues BMTX recognizes operating revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers . The following table presents BMTX’s revenues disaggregated by nature of the revenue stream and the pattern or timing of revenue recognition for the three and nine months ended September 30, 2023 and 2022, respectively. The Company has one reportable segment, and all revenues are earned in the U.S. Three Months Ended September 30, Nine Months Ended (amounts in thousands) 2023 2022 2023 2022 Revenues: Revenue recognized at point in time: Interchange and card revenue $ 2,652 $ 5,325 $ 7,535 $ 17,283 Servicing fees 8,658 10,163 22,990 37,650 Account fees 1,931 2,110 5,981 6,872 University fees - disbursement activity 207 175 639 932 Other revenue 60 903 155 1,702 Total revenue recognized at point in time 13,508 18,676 37,300 64,439 Revenue recognized over time: University fees - subscriptions 1,205 1,182 3,652 3,474 Other revenue - maintenance and support 28 — 260 — Total revenue recognized over time 1,233 1,182 3,912 3,474 Total revenues $ 14,741 $ 19,858 $ 41,212 $ 67,913 Deferred Revenue Deferred revenue consists of payments received from customers prior to the performance of services. Deferred revenue is recognized over the service period on a straight-line basis or when the contractual performance obligation has been satisfied. The deferred revenue balance as of September 30, 2023 and December 31, 2022 was $3.4 million and $6.6 million, respectively. During the nine months ended September 30, 2023, the Company recognized revenue of approximately $6.6 million included in deferred revenue at the beginning of the period. During the nine months ended September 30, 2022, the Company recognized revenue of approximately $15.4 million included in deferred revenue at the beginning of the period. Unbilled receivables The Company had $3.7 million of unbilled receivables, or amounts recognized as revenue for which invoices have not yet been issued, as of September 30, 2023, and $1.5 million as of December 31, 2022. Unbilled receivables are reported in Accounts receivable, net on the unaudited Consolidated Balance Sheets

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective tax rate was zero and (0.1)% for the three and nine months ended September 30, 2023, respectively. The Company’s effective tax rate was 12.9% and 34.9% for the three and nine months ended September 30, 2022, respectively. The deferred tax asset at September 30, 2023 and 2022 was $30.8 million and $30.5 million, respectively. The balance consisted mainly of Section 197 intangibles for both periods. These Section 197 intangibles resulted from a step-up in tax basis of the assets acquired from BankMobile Technologies, Inc., which for U.S. GAAP purposes, were not recorded at fair value. The deferred tax asset balance at September 30, 2023 also includes net operating loss carryforwards for federal and state purposes. A full valuation allowance has been recorded against the deferred tax asset balance for all periods presented. A valuation allowance is recognized when it is more likely than not, that all, or a portion of, the deferred tax asset will be realized based on the weight of the available positive and negative evidence. Management determined the verifiable negative evidence from the three years of cumulative losses outweighs any available positive evidence as of September 30, 2023, but will continue to evaluate this determination each quarterly period going forward.

(LOSS) EARNINGS PER COMMON SHAR

(LOSS) EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
(LOSS) EARNINGS PER COMMON SHARE	(LOSS) EARNINGS PER COMMON SHARE The following are the components and results of operations and (loss) earnings per common share calculations for the periods presented: Three Months Ended September 30, Nine Months Ended (amounts in thousands, except per common share data) 2023 2022 2023 2022 Net (loss) income available to common shareholders $ (3,952) $ (4,920) $ (13,368) $ 3,406 Net (loss) income used for EPS $ (3,952) $ (4,920) $ (13,368) $ 3,406 Weighted-average number of common shares outstanding – basic 11,570 11,940 11,567 11,944 Weighted-average number of common shares outstanding – diluted 11,570 11,940 11,567 12,215 Basic (loss) earnings per common share $ (0.34) $ (0.41) $ (1.16) $ 0.29 Diluted (loss) earnings per common share $ (0.34) $ (0.41) $ (1.16) $ 0.28 The following table presents the reconciliation from basic to diluted weighted average shares outstanding used in the calculation of basic and diluted (loss) earnings per common share: Three Months Ended September 30, Nine Months Ended (amounts in thousands) 2023 2022 2023 2022 Weighted-average number of common shares outstanding – basic 11,570 11,940 11,567 11,944 Add: Service-based RSUs — — — 271 Weighted-average number of common shares outstanding – diluted 11,570 11,940 11,567 12,215 For basic (loss) earnings per common share, the performance shares are subject to forfeiture, and they are considered share-indexed instruments and not outstanding shares until they are vested. During the three and nine months ended September 30, 2023 and 2022, the vesting criteria has not been met and they are not included. For the three and nine months ended September 30, 2023, our performance shares, public warrants, and private warrants were excluded from the computation of diluted weighted average shares outstanding as the necessary conditions had not been achieved for the performance shares and the average stock price for the period was below the strike price for the warrants. The performance shares are only considered in the calculation for diluted (loss) earnings per common share if they are dilutive in nature. The performance shares are only dilutive when the average share price is greater than the strike price and when positive net income is reported. During the three and nine months ended September 30, 2023, the average share price was below the strike price and these shares were not included in the diluted (loss) earnings per common share calculations. For the three and nine months ended September 30, 2023, our performance-based RSUs were excluded because the vesting is contingent upon the satisfaction of certain conditions which had not been achieved as of September 30, 2023. For the three and nine months ended September 30, 2023, our service-based RSUs were excluded as the effect would be antidilutive. For the three and nine months ended September 30, 2022, our performance shares, public warrants, and private warrants were excluded from the computation of diluted weighted average shares outstanding as the necessary conditions had not been achieved for the performance shares and the average stock price for the period was below the strike price for the warrants. The performance shares are only considered in the calculation for diluted (loss) earnings per common share if they are dilutive in nature. The performance shares are only dilutive when the average share price is greater than the strike price and when positive net income is reported. During the three and nine months ended September 30, 2022, the average share price was below the strike price and these shares were not included in the diluted (loss) earnings per common share calculations. For the three and nine months ended September 30, 2022, our performance-based RSUs were excluded because the vesting is contingent upon the satisfaction of certain conditions which had not been achieved as of September 30, 2022. For the three months ended September 30, 2022, our service-based RSUs were excluded as the effect would be antidilutive. The following table presents the potentially dilutive shares that were excluded from the computation of diluted (loss) earnings per common share: Three Months Ended Nine Months Ended (amounts in thousands) 2023 2022 2023 2022 Performance shares 300 300 300 300 Public warrants 17,294 17,227 17,294 17,227 Private warrants 5,409 5,476 5,409 5,476 Performance-based RSUs 495 348 495 348 Service-based RSUs 480 343 480 72 Total 23,978 23,694 23,978 23,423

DISCLOSURES ABOUT FAIR VALUE OF

DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS BMTX uses fair value measurements to determine and disclose the fair value of its financial instruments. FASB’s ASC 825, Financial Instruments , requires disclosure of the estimated fair value of an entity’s assets and liabilities considered to be financial instruments. For fair value disclosure purposes, BMTX utilized the fair value measurement criteria under FASB ASC 820, Fair Value Measurements (“ASC 820”). In accordance with FASB ASC 820, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for BMTX’s financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The fair value guidance provides a consistent definition of fair value, focusing on an exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. The fair value guidance also establishes a fair value hierarchy and describes the following three levels used to classify fair value measurements: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following methods and assumptions were used to estimate the fair value of BMTX’s financial instruments as of September 30, 2023 and December 31, 2022: Cash and cash equivalents Cash and cash equivalents reported on the unaudited Consolidated Balance Sheets consists of non-interest bearing demand deposits, for which carrying value approximates fair value. Accounts receivable, net The carrying amount of accounts receivable approximates fair value because of the short-term nature of these items. Liability for Private Warrants The fair value of the private warrants was estimated using a modified version of the binomial lattice model incorporating the Cox-Ross-Rubenstein methodology at September 30, 2023 and at December 31, 2022. We assumed a term for the private warrants equal to the contractual term from the date of the merger with Megalith and then discounted the resulting value to the valuation date. Among the key inputs and assumptions used in the pricing formula at September 30, 2023 were the following: a term of 2.27 years; volatility of 64%; a dividend yield of zero; an underlying stock price of $2.00; a risk free interest rate of 4.91%; and a closing price of the public warrants of $0.07 per share. Among the key inputs and assumptions used in the pricing formula at December 31, 2022 were the following: a term of 3.01 years; volatility of 43%; a dividend yield of zero; an underlying stock price of $5.21; a risk free interest rate of 4.17%; and a closing price of the public warrants of $0.52 per share. At September 30, 2023 and December 31, 2022, the warrant liability is classified as a Level 3 fair value based upon the lowest level of input that is significant to the fair value measurement. The estimated fair value of BMTX’s financial instruments at September 30, 2023 and December 31, 2022 were as follows: Fair Value Measurements at September 30, 2023 (amounts in thousands) Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 8,802 $ 8,802 $ 8,802 $ — $ — Accounts receivable, net 8,511 8,511 8,511 — — Liabilities: Liability for private warrants $ 378 $ 378 $ — $ — $ 378 Fair Value Measurements at December 31, 2022 (amounts in thousands) Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 21,108 $ 21,108 $ 21,108 $ — $ — Accounts receivable, net 8,260 8,260 8,260 — — Liabilities: Liability for private warrants $ 2,847 $ 2,847 $ — $ — $ 2,847

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company has several relationships with Customers Bank, which is a related party of the Company. These relationships are described below. Cash management All the Company’s cash and cash equivalents are on deposit with Customers Bank. Servicing fees and interchange income On January 4, 2021, we entered into a Deposit Processing Services Agreement (the “Deposit Processing Services Agreement”) with Customers Bank, which provided that Customers Bank would establish and maintain deposit accounts and other banking services in connection with customized products and services offered by us, and we would provide certain other related services in connection with the accounts. Customers Bank retains any and all revenue generated from the funds held in the deposit accounts, and in exchange, pays us a 3% servicing fee based on average monthly deposit balances, subject to certain contractual adjustments, and a monthly interchange fee equal to all debit card interchange revenues on the demand deposit accounts, plus the difference between Durbin-exempt and Durbin-regulated interchange revenue. On June 29, 2022, the Company received written notice from Customers Bank that it did not intend to renew the Deposit Processing Services Agreement with the Company. The 180-day notice was given in accordance with the terms of the Deposit Processing Services Agreement, as a result of which, the Deposit Processing Services Agreement would terminate effective December 31, 2022. On November 7, 2022, the Company and Customers Bank entered into the DPSA Amendment to extend the Deposit Processing Services Agreement termination date to the earlier of the Company’s successful completion of the transfer of the Company’s serviced deposits to a new partner bank or June 30, 2023. The DPSA Amendment also removes Customers Bank’s obligation to pay the Company the difference between the Durbin-exempt and Durbin-regulated interchange revenues. The other terms of the Deposit Processing Services Agreement remain in effect through the new termination date. On March 22, 2023, we signed the DPSA Second Amendment. The DPSA Second Amendment, among other things, extends the termination date of the Deposit Processing Services Agreement until the earlier of (i) the transfer of the Company’s serviced deposits to a Durbin-exempt partner bank; or (ii) June 30, 2024; and revises the fee structure of the Deposit Processing Services Agreement. The other terms of the Deposit Processing Services Agreement, as amended by the DPSA Amendment, remain in effect through the new termination date. On August 18, 2023, the Company and Customers Bank entered into a third amendment to the Deposit Processing Services Agreement (the “DPSA Third Amendment”) for the Higher Education serviced deposit accounts. The DPSA Third Amendment extends the termination date of the Deposit Processing Services Agreement until the earlier of (i) the transfer of the Company’s Higher Education serviced deposits to a Durbin-exempt partner bank; or (ii) April 15, 2025. On March 22, 2023, the Company and Customers Bank entered into the 2023 Deposit Servicing Agreement, under which, effective March 31, 2023, the Company will perform, on behalf of Customers Bank, Customer Bank’s services, duties, and obligations under the Private Label Banking Program Agreement (the “PLBPA”) by and between Customers Bank and T-Mobile USA, Inc. that are not required by Applicable Law (as defined in the 2023 Deposit Servicing Agreement) to be provided by an FDIC insured financial institution. The obligations of the Company and Customers Bank under the 2023 Deposit Servicing Agreement are similar to those under the Deposit Processing Services Agreement; provided, however, that (i) as of March 31, 2023, the 2023 Deposit Servicing Agreement and not the Deposit Processing Services Agreement shall govern the terms, conditions, roles, responsibilities, duties, and obligations of the Company and Customers Bank with respect to the PLBPA and the Depositor Accounts (as defined in the 2023 Deposit Servicing Agreement); (ii) the Deposit Processing Services Agreement is amended to the extent necessary or advisable to effect the same, including, without limitation, such that “Depositor” under the Deposit Processing Services Agreement shall not include any T-Mobile Customer (as defined in the PLBPA); and (iii) there is a different fee structure under the 2023 Deposit Servicing Agreement from that set forth in the Deposit Processing Services Agreement. The initial term of the 2023 Deposit Servicing Agreement continues until February 24, 2025, and will automatically renew for additional one-year terms unless either party gives written notice of non-renewal at least 180 days prior to the expiration of the then-current term. The 2023 Deposit Servicing Agreement may be terminated early by either party upon material breach, upon notice of an uncured objection from a regulatory authority, or by the Company upon 120 days’ written notice upon the satisfaction of certain conditions. As compensation under the 2023 Deposit Servicing Agreement, Customers Bank will retain any and all revenue generated from the funds held in the deposit accounts, and Customers Bank will pay the Company monthly servicing fees as set forth in the 2023 Deposit Servicing Agreement. In addition, the Company will have the right to retain all revenue generated by or from the Depositor Accounts (as defined in the 2023 Deposit Servicing Agreement), including, but not limited to, fees and all other miscellaneous revenues. The Company also shall retain all fees (including without limitation interchange fees), and charges generated by its ATMs and from its payment processing services. The Company will be solely liable for any and all fees, expenses, costs, reimbursements, and other amounts that are or may become due and payable under the PLBPA, including, without limitation, any Durbin-exempt Interchange (as defined in the 2023 Deposit Servicing Agreement) fees payable to T-Mobile under the PLBPA. Customers Bank may set off any and all PLBPA Amounts against any compensation payable to the Company under the 2023 Deposit Servicing Agreement. Transition Services Agreement On January 4, 2021, we entered into a Transition Services Agreement with Customers Bank, pursuant to which each party agreed for a period of up to twelve months to provide certain transition services listed therein to the other party. A limited number of these transition services were subsequently extended through March 31, 2022. In consideration for the services, we paid Customers Bank a service fee of $12,500 per month, plus any expenses associated with the services. The Transition Services Agreement included a provision for providing the Company with assistance in the establishment and administration of a 401(k) plan for the benefit of Company employees. The Customers Bank 401(k) plan is a multi-employer plan, as defined by the U.S. Department of Labor in accordance with the Employee Retirement Income Security Act of 1974, and through December 31, 2022, the Customers Bank 401(k) covered both the full-time employees of Customers Bank and the Company. The Company records its contributions to the Customers Bank 401(k) Plan in Salaries and employee benefits on the unaudited Consolidated Statements of (Loss) Income . The Company’s employer contribution to the Customers Bank 401(k) Plan for the three and nine months ended September 30, 2022 totaled $0.2 million and $0.6 million, respectively. Other On January 4, 2021, the Company entered into a Software License Agreement with Customers Bank which provides it with a non-exclusive, non-transferable, royalty-free license to utilize our mobile banking technology for a period up to 10 years. The Software License Agreement is cancellable by Customers Bank at any time, without notice, and without penalty, and for any reason or no reason at all. To date, Customers Bank has not utilized the Company’s mobile banking technology and zero consideration has been paid or recognized under the Software License Agreement. On January 4, 2021, the Company entered into a Non-Competition and Non-Solicitation Agreement with Customers Bank providing that Customers Bank will not, for a period of 4 years after the closing of the divestiture, directly or indirectly engage in the Company’s business in the territory (both as defined in the Non-Competition Agreement), except for white label digital banking services with previously identified parties and passive investments of no more than 2% of a class of equity interests of a competitor that is publicly traded. Customers Bank also agreed not to directly or indirectly hire or solicit any employees of the Company. Both the President and Executive Chairman of the Board of Customers Bank are immediate family members of the Company’s CEO, and together with their spouses, own less than 5.0% of the Company’s outstanding common stock at September 30, 2023. On March 1, 2022, the Company reached an agreement, with settlement on March 11, 2022, to reacquire 1,169,963 private warrants at a price of $1.69 per warrant, or a total cost of $2.0 million, from Ms. Sherry Sidhu and Mr. Samvir Sidhu, who are immediate family members of our CEO. The transaction price was established based on the range of market prices during the repurchase conversations and was approved by the Company’s Audit Committee. On April 20, 2022, the Company entered into a Special Limited Agency Agreement (“SLA”) with Customers Bank that provides for marketing assistance from the Company for the referral of consumer installment loans funded by Customers Bank. In consideration for this marketing assistance, the Company receives certain fees specified within the SLA which are recorded as a component of Other revenue on the unaudited Consolidated Statements of (Loss) Income . During the three and nine months ended September 30, 2023, no revenue was realized under the SLA. The SLA was terminated on May 16, 2023. Positions with Customers Bank are presented on the unaudited Consolidated Balance Sheets in Accounts receivable, net , Deferred revenue, and Accounts payable and accrued liabilities . The Accounts receivable balances related to Customers Bank as of September 30, 2023 and December 31, 2022 were $3.3 million and $1.4 million, respectively. The D eferred revenue balances related to Customers Bank as of September 30, 2023 and December 31, 2022 were zero and $3.8 million, respectively. The Accounts payable and accrued liabilities balances related to Customers Bank as of September 30, 2023 and December 31, 2022 were zero and $3.8 million, respectively. The Company recognized $13.0 million and $35.6 million in revenues from Customers Bank for the three and nine months ended September 30, 2023, respectively. Of these amounts, $5.3 million and $15.2 million are paid directly by MasterCard or individual account holders to the Company for the three and nine months ended September 30, 2023, respectively. These amounts are presented on the unaudited Consolidated Statements of (Loss) Income in Total operating revenue . The Company recognized $17.3 million and $60.9 million in revenues from Customers Bank for the three and nine months ended September 30, 2022, respectively. Of these amounts, $5.2 million and $17.2 million are paid directly by MasterCard or individual account holders to the Company for the three and nine months ended September 30, 2022, respectively. These amounts are presented on the unaudited Consolidated Statements of (Loss) Income in Total operating revenue . The Company recognized zero expenses from Customers Bank for the three and nine months ended September 30, 2023, respectively. The Company recognized zero and less than $0.1 million of expenses from Customers Bank for the three and nine months ended September 30, 2022, respectively. These amounts are presented on the unaudited Consolidated Statements of (Loss) Income in Total operating expenses .

RESTRUCTURING ACTIVITIES

RESTRUCTURING ACTIVITIES	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
RESTRUCTURING ACTIVITIES	RESTRUCTURING ACTIVITIES On January 26, 2023, and in connection with our previously announced near-term strategy to focus on being an innovative, efficient, risk oriented fintech with a partner bank model, the Company committed to a targeted Profit Enhancement Plan (the “PEP”) that is intended to reduce operating costs, improve operating margins, improve operating cash flow, and continue advancing the Company’s ongoing commitment to profitable growth and continued innovation, and direct the Company’s resources toward its best opportunities. Included within the PEP is a targeted reduction of the Company’s 2023 employee workforce of approximately 25% as compared to its headcount at December 31, 2022. This workforce reduction is in addition to targeted spend reduction and service provider rationalization. The Company completed a workforce reduction of 60 employees during the nine months ended September 30, 2023. The Company’s workforce reduction expenses, consisting of severance and other termination benefits for the three and nine months ended September 30, 2023, totaled zero and $1.1 million, respectively, and are recorded in Restructuring, merger, and acquisition related expenses on the unaudited Consolidated Statements of (Loss) Income. $0.4 million of these expenses were incurred but not paid at September 30, 2023 and are included in Accounts payable and accrued liabilities on the unaudited Consolidated Balance Sheets

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has evaluated events subsequent to the balance sheet date and prior to the filing of this Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2023, and has determined that no events have occurred that would require adjustment to our interim unaudited consolidated financial statements and related notes.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net (loss) income	$ (3,952)	$ (4,456)	$ (4,960)	$ (4,920)	$ 4,362	$ 3,964	$ (13,368)	$ 3,406

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These interim unaudited consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). Any reference to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted from these interim unaudited consolidated financial statements as permitted by U.S. GAAP and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of Management, necessary to present a fair statement of the financial position and the results of operations and cash flows of BMTX for the interim periods presented. The preparation of interim unaudited consolidated financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the interim unaudited consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include going concern assessment, valuation of deferred tax assets, valuation of private warrants, and goodwill and intangible asset impairment analysis. Actual results could differ from those estimates. FASB ASC 205-40, Presentation of Financial Statements - Going Concern, requires Management to assess an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. In each reporting period, including interim periods, an entity is required to assess conditions known and reasonably knowable as of the financial statement issuance date to determine whether it is probable an entity will not meet its financial obligations within one year from the financial statement issuance date. Management has performed this required assessment as of November 20, 2023, and believes there are sufficient funds available to support its ongoing business operations and continue as a going concern for at least the next 12 months with projected liquidity of $11.1 million at November 20, 2024. Management’s assessment is subject to known and unknown risks, uncertainties, assumptions, and changes in circumstances, many of which are beyond our control including the impact of the macroeconomic environment, and that are difficult to predict as to timing, extent, likelihood, and degree of occurrence, and that could cause actual results to differ from estimates and forecasts, potentially materially. Based upon the results of Management’s assessment, these interim unaudited consolidated financial statements have been prepared on a going concern basis. The interim unaudited consolidated financial statements do not include any adjustments that could result from the outcome of the aforementioned risks and uncertainties.
Accounting Standards Update	Accounting Standards Update As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised ASUs applicable to public companies until such pronouncements are applicable to private companies. The Company has elected to use the extended transition period under the JOBS Act. From time to time, new accounting pronouncements are issued by the FASB that are adopted by BMTX as of the required effective dates. During the nine months ended September 30, 2023 there were no ASUs adopted by the Company that were considered material and there were no ASUs issued prior to September 30, 2023, which were not yet effective, considered relevant or material to the Company’s financial statements taken as a whole.
Dividends Policy	Dividend Policy We have not paid any cash dividends on our common stock to date and have no present intention to pay cash dividends in the future. The payment of cash dividends by the Company in the future will be dependent upon the Company’s revenues and earnings, capital requirements, and general financial condition. The payment of any dividends will be within the discretion of the Board of Directors of the Company.

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Schedule of Allowance for Doubtful Accounts	(amounts in thousands) Beginning Balance Additions Reductions Ending Balance Allowance for doubtful accounts Nine months ended September 30, 2023 $ 305 $ 1,001 $ (651) $ 655 Twelve months ended December 31, 2022 $ 79 $ 381 $ (155) $ 305

PREMISES AND EQUIPMENT AND DE_2

PREMISES AND EQUIPMENT AND DEVELOPED SOFTWARE (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Premises and Equipment and Developed Software	The components of premises and equipment were as follows: (amounts in thousands) Expected Useful Life September 30, December 31, IT equipment 3 to 5 years $ 862 $ 1,377 Accumulated depreciation (328) (869) Total $ 534 $ 508 The components of developed software were as follows: (amounts in thousands) Expected Useful Life September 30, December 31, Higher One Disbursement business developed software 10 years $ 27,400 $ 27,400 Internally developed software 3 to 7 years 44,647 42,504 Work-in-process 5,528 3,077 77,575 72,981 Accumulated amortization (59,907) (50,657) Total $ 17,668 $ 22,324

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Other Intangibles	The components of Other intangibles, net as of September 30, 2023 and December 31, 2022 were as follows: (amounts in thousands) Expected Useful Life September 30, December 31, Customer relationships – universities 20 years $ 6,402 $ 6,402 Accumulated amortization (2,213) (1,973) Total $ 4,189 $ 4,429
Schedule of Future Amortization	The customer relationships - universities will be amortized in future periods as follows: Remainder of 2023 $ 80 2024 320 2025 320 2026 320 2027 320 After 2027 2,829 Total $ 4,189

SHAREHOLDERS' EQUITY AND PRIV_2

SHAREHOLDERS' EQUITY AND PRIVATE WARRANT LIABILITY (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Change in Unvested Awards	The change in unvested shares under the January 4, 2021 Share-Based Compensation Award is shown below: Number of Weighted-Average Balance as of December 31, 2022 1,168,146 $ 14.87 Vested (749,854) $ 14.87 Net settlement of share-based awards for taxes (418,292) $ 14.87 Balance as of September 30, 2023 — $ —
Schedule of Change in Unvested RSUs	The change in unvested RSUs and PBRSUs awarded is shown below: Restricted Stock Units Performance-Based Restricted Stock Units Number of RSUs Weighted-Average Grant-Date Fair Value Per RSU Number of RSUs Weighted-Average Grant-Date Fair Value Per RSU Balance as of December 31, 2022 324,790 $ 8.84 335,000 $ 7.09 Granted 570,780 $ 3.40 455,000 $ 2.94 Vested (106,580) $ 8.65 — $ — Forfeited (308,554) $ 4.21 (295,000) $ 3.57 Balance as of September 30, 2023 480,436 $ 5.39 495,000 $ 5.37

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The Company has one reportable segment, and all revenues are earned in the U.S. Three Months Ended September 30, Nine Months Ended (amounts in thousands) 2023 2022 2023 2022 Revenues: Revenue recognized at point in time: Interchange and card revenue $ 2,652 $ 5,325 $ 7,535 $ 17,283 Servicing fees 8,658 10,163 22,990 37,650 Account fees 1,931 2,110 5,981 6,872 University fees - disbursement activity 207 175 639 932 Other revenue 60 903 155 1,702 Total revenue recognized at point in time 13,508 18,676 37,300 64,439 Revenue recognized over time: University fees - subscriptions 1,205 1,182 3,652 3,474 Other revenue - maintenance and support 28 — 260 — Total revenue recognized over time 1,233 1,182 3,912 3,474 Total revenues $ 14,741 $ 19,858 $ 41,212 $ 67,913

(LOSS) EARNINGS PER COMMON SH_2

(LOSS) EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Components and Results of Operations and Earnings (Loss) Per Common Share Calculations	The following are the components and results of operations and (loss) earnings per common share calculations for the periods presented: Three Months Ended September 30, Nine Months Ended (amounts in thousands, except per common share data) 2023 2022 2023 2022 Net (loss) income available to common shareholders $ (3,952) $ (4,920) $ (13,368) $ 3,406 Net (loss) income used for EPS $ (3,952) $ (4,920) $ (13,368) $ 3,406 Weighted-average number of common shares outstanding – basic 11,570 11,940 11,567 11,944 Weighted-average number of common shares outstanding – diluted 11,570 11,940 11,567 12,215 Basic (loss) earnings per common share $ (0.34) $ (0.41) $ (1.16) $ 0.29 Diluted (loss) earnings per common share $ (0.34) $ (0.41) $ (1.16) $ 0.28
Schedule of Weighted Average Shares Outstanding	The following table presents the reconciliation from basic to diluted weighted average shares outstanding used in the calculation of basic and diluted (loss) earnings per common share: Three Months Ended September 30, Nine Months Ended (amounts in thousands) 2023 2022 2023 2022 Weighted-average number of common shares outstanding – basic 11,570 11,940 11,567 11,944 Add: Service-based RSUs — — — 271 Weighted-average number of common shares outstanding – diluted 11,570 11,940 11,567 12,215
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents the potentially dilutive shares that were excluded from the computation of diluted (loss) earnings per common share: Three Months Ended Nine Months Ended (amounts in thousands) 2023 2022 2023 2022 Performance shares 300 300 300 300 Public warrants 17,294 17,227 17,294 17,227 Private warrants 5,409 5,476 5,409 5,476 Performance-based RSUs 495 348 495 348 Service-based RSUs 480 343 480 72 Total 23,978 23,694 23,978 23,423

DISCLOSURES ABOUT FAIR VALUE _2

DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Estimated Fair Values of Financial Instruments	The estimated fair value of BMTX’s financial instruments at September 30, 2023 and December 31, 2022 were as follows: Fair Value Measurements at September 30, 2023 (amounts in thousands) Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 8,802 $ 8,802 $ 8,802 $ — $ — Accounts receivable, net 8,511 8,511 8,511 — — Liabilities: Liability for private warrants $ 378 $ 378 $ — $ — $ 378 Fair Value Measurements at December 31, 2022 (amounts in thousands) Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 21,108 $ 21,108 $ 21,108 $ — $ — Accounts receivable, net 8,260 8,260 8,260 — — Liabilities: Liability for private warrants $ 2,847 $ 2,847 $ — $ — $ 2,847

DESCRIPTION OF THE BUSINESS - N

DESCRIPTION OF THE BUSINESS - Narrative (Details) - revenue_source			9 Months Ended
	Aug. 20, 2023	Mar. 16, 2023	Sep. 30, 2023
Business Description And Reverse Recapitalization [Abstract]
Number of primary revenue sources			4
Initial agreement term	5 years	4 years

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)			3 Months Ended		9 Months Ended
	Nov. 20, 2024 USD ($)	Jan. 03, 2023 USD ($)	Sep. 30, 2023 USD ($) performance_obligation	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) performance_obligation	Sep. 30, 2022 USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Number of premium finance obligations outstanding | performance_obligation			2		2
Total premium finance obligations outstanding			$ 300,000		$ 300,000
Average remaining term			2 months 15 days		2 months 15 days
Weighted average annual interest rate			4.95%		4.95%
Maximum voluntary contributions		$ 63,500
Employer matching contribution, percent of match		50%
Employer matching contribution, percent of eligible compensation		3%
401(k) matching contributions			$ 100,000	$ 200,000	$ 500,000	$ 600,000
Forecast
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Projected liquidity of ongoing project	$ 11,100,000

ACCOUNTS RECEIVABLE - Narrative

ACCOUNTS RECEIVABLE - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Allowance for doubtful accounts	$ 0.7	$ 0.3

ACCOUNTS RECEIVABLE - Schedule

ACCOUNTS RECEIVABLE - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 305	$ 79
Additions	1,001	381
Reductions	(651)	(155)
Ending Balance	$ 655	$ 305

PREMISES AND EQUIPMENT AND DE_3

PREMISES AND EQUIPMENT AND DEVELOPED SOFTWARE - Premises and Equipment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ (328,000)		$ (328,000)		$ (869,000)
Total	534,000		534,000		508,000
Depreciation expense	100,000	$ 100,000	200,000	$ 300,000
Impairment recognized	0	$ 0	0	$ 0
IT equipment
Property, Plant and Equipment [Line Items]
IT equipment	$ 862,000		$ 862,000		$ 1,377,000
IT equipment | Minimum
Property, Plant and Equipment [Line Items]
Expected useful life (in years)	3 years		3 years
IT equipment | Maximum
Property, Plant and Equipment [Line Items]
Expected useful life (in years)	5 years		5 years

PREMISES AND EQUIPMENT AND DE_4

PREMISES AND EQUIPMENT AND DEVELOPED SOFTWARE - Developed Software (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Developed software, gross	$ 77,575		$ 77,575		$ 72,981
Accumulated amortization	(59,907)		(59,907)		(50,657)
Total	17,668		17,668		22,324
Amortization of developed software	$ 3,300	$ 2,800	$ 9,250	$ 8,581
Higher One Disbursement business developed software
Property, Plant and Equipment [Line Items]
Expected useful life (in years)	10 years		10 years
Developed software, gross	$ 27,400		$ 27,400		27,400
Internally developed software
Property, Plant and Equipment [Line Items]
Developed software, gross	$ 44,647		$ 44,647		42,504
Internally developed software | Minimum
Property, Plant and Equipment [Line Items]
Expected useful life (in years)	3 years		3 years
Internally developed software | Maximum
Property, Plant and Equipment [Line Items]
Expected useful life (in years)	7 years		7 years
Work-in-process
Property, Plant and Equipment [Line Items]
Developed software, gross	$ 5,528		$ 5,528		$ 3,077

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 0	$ 0	$ 0
Intangible asset amortization period	20 years		20 years
Amortization expense	$ 100,000	100,000	$ 240,000	240,000
Impairment recognized	$ 0	$ 0	$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLES - Components of Other Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Expected useful life (in years)	20 years
Accumulated amortization	$ (2,213)	$ (1,973)
Total	$ 4,189	4,429
Customer relationships – universities
Acquired Finite-Lived Intangible Assets [Line Items]
Expected useful life (in years)	20 years
Customer relationships – universities	$ 6,402	$ 6,402

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLES - Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 80
2024	320
2025	320
2026	320
2027	320
After 2027	2,829
Total	$ 4,189	$ 4,429

LEASES - Narrative (Details)

LEASES - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Oct. 01, 2022	Mar. 31, 2022 location	Jan. 01, 2022 location
Leases [Abstract]
Number of office space locations leased under operating leases | location								2
Number of office space locations matured under operating leases | location							1
Operating lease terms (in years)					3 months	3 months
Operating lease right-of-use assets	$ 0		$ 0		$ 0
Operating lease liabilities outstanding	0		0		$ 0
Lease expense	100,000		100,000
Operating lease cash payments	$ 0	$ 100,000	$ 0	$ 500,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 05, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingent consideration	$ 0.5	$ 0.1
Contingent consideration upon year one		0.5
Contingent consideration upon year two		0.5
Contingent consideration upon year three		$ 0.5

SHAREHOLDERS' EQUITY AND PRIV_3

SHAREHOLDERS' EQUITY AND PRIVATE WARRANT LIABILITY - Narrative (Details)					3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 vote installment $ / shares shares	Jun. 20, 2023 shares	Mar. 01, 2022 USD ($)	Jan. 04, 2021 USD ($) shares	Sep. 30, 2023 USD ($) vote installment $ / shares shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($) trading_day installment vote $ / shares shares	Sep. 30, 2022 USD ($) shares	Dec. 31, 2022 $ / shares shares	Jun. 19, 2023 shares
Class of Warrant or Right [Line Items]
Common stock, shares authorized (in shares)	1,000,000,000				1,000,000,000		1,000,000,000		1,000,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001				$ 0.0001		$ 0.0001		$ 0.0001
Common stock, shares outstanding (in shares)	11,869,925				11,869,925		11,869,925		12,240,237
Common stock, shares issued (in shares)	11,869,925				11,869,925		11,869,925		12,240,237
Performance shares (in shares)							300,000		300,000
Number of votes for each share held | vote	1				1		1
Preferred stock, shares authorized (in shares)	10,000,000				10,000,000		10,000,000		10,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001				$ 0.0001		$ 0.0001		$ 0.0001
Preferred stock, shares issued (in shares)	0				0		0		0
Preferred stock, shares outstanding (in shares)	0				0		0		0
Performance shares, par value (in dollars per share) | $ / shares	$ 0.0001				$ 0.0001		$ 0.0001
Performance shares, period post closing date of merger after which shares would be forfeited and cancelled if no Release Event has occurred							7 years
Performance shares, stock price trigger (in dollars per share) | $ / shares	$ 15				$ 15		$ 15
Performance shares, threshold trading days | trading_day							20
Performance shares, threshold trading day period | trading_day							30
Period of performance cycle							5 years
Warrants to purchase common stock outstanding (in shares)	22,703,004,000				22,703,004,000	22,703,004,000	22,703,004,000	22,703,004,000
Number of whole shares of common stock entitled to purchase upon exercise of each whole warrant ( in shares)	1				1		1
Exercise price (in dollars per share) | $ / shares	$ 11.50				$ 11.50		$ 11.50
Maximum expiration period after completion of merger (in years)							5 years
Redemption rights, stock price trigger (in dollars per share) | $ / shares	$ 24				$ 24		$ 24
Redemption rights, threshold trading days | trading_day							20
Redemption rights, threshold trading day period | trading_day							30
Reclassified warrants (in shares)					0	0	66,855	300,000
Gain (loss) on fair value of private warrant liability | $					$ 433,000	$ (1,369,000)	$ 2,449,000	$ 6,916,000
Repurchase of private warrants | $							$ 0	$ 1,977,000
10% + Equity Incentive Plan
Class of Warrant or Right [Line Items]
Increase in aggregate number of shares of common stock (in shares)		1,279,963
Aggregate number of shares of common stock (in shares)		2,500,000								1,220,037
Public Warrants
Class of Warrant or Right [Line Items]
Warrants to purchase common stock outstanding (in shares)	17,294,044,000				17,294,044,000	17,227,189,000	17,294,044,000	17,227,189,000
Outstanding warrants exercised (in shares)	1,600				0	0	0	100
Exercises of public warrants					0	100	0	100
Private Warrants
Class of Warrant or Right [Line Items]
Warrants to purchase common stock outstanding (in shares)	5,408,960,000				5,408,960,000	5,475,815,000	5,408,960,000	5,475,815,000
Private warrants repurchased (in shares)	1,169,903				1,169,903		1,169,903
Private warrants, price per share (in dollars per share) | $ / shares	$ 1.69				$ 1.69		$ 1.69
Gain (loss) on fair value of private warrant liability | $					$ 400,000	$ (1,400,000)	$ 2,400,000	$ 6,900,000
Repurchase of private warrants | $			$ 2,000,000				0	2,000,000
Merger Consideration Share Based Compensation Award
Class of Warrant or Right [Line Items]
RSUs granted (in shares)				1,317,035
Fair value | $				$ 19,600,000
Vesting period				2 years
Share-based compensation expense, net of forfeitures | $					0	2,400,000	$ 100,000	6,900,000
Restricted Stock Units (RSUs)
Class of Warrant or Right [Line Items]
RSUs granted (in shares)							570,780
Share-based compensation expense, net of forfeitures | $					$ 300,000	100,000	$ 1,200,000	1,000,000
Restricted Stock Units (RSUs) | Minimum
Class of Warrant or Right [Line Items]
Vesting installments | installment	3				3		3
Restricted Stock Units (RSUs) | Maximum
Class of Warrant or Right [Line Items]
Vesting installments | installment	4				4		4
Performance Based Restricted Stock Units
Class of Warrant or Right [Line Items]
RSUs granted (in shares)							455,000
Share-based compensation expense, net of forfeitures | $					$ (100,000)	$ 200,000	$ 300,000	$ 700,000

SHAREHOLDERS' EQUITY AND PRIV_4

SHAREHOLDERS' EQUITY AND PRIVATE WARRANT LIABILITY - Schedule of Change in Unvested Awards and RSUs (Details) - $ / shares		9 Months Ended
	Jan. 04, 2021	Sep. 30, 2023
Merger Consideration Share Based Compensation Award
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)		1,168,146
Granted (in shares)	1,317,035
Vested (in shares)		(749,854)
Net settlement of share-based awards for taxes (in shares)		(418,292)
Ending balance (in shares)		0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)		$ 14.87
Vested (in dollars per share)		14.87
Net settlement of share-based awards for taxes (in dollars per share)		14.87
Ending balance (in dollars per share)		$ 0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)		324,790
Granted (in shares)		570,780
Vested (in shares)		(106,580)
Forfeited (in shares)		(308,554)
Ending balance (in shares)		480,436
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)		$ 8.84
Granted (in dollars per share)		3.40
Vested (in dollars per share)		8.65
Forfeited (in dollars per share)		4.21
Ending balance (in dollars per share)		$ 5.39
Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)		335,000
Granted (in shares)		455,000
Vested (in shares)		0
Forfeited (in shares)		(295,000)
Ending balance (in shares)		495,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)		$ 7.09
Granted (in dollars per share)		2.94
Vested (in dollars per share)		0
Forfeited (in dollars per share)		3.57
Ending balance (in dollars per share)		$ 5.37

REVENUES - Disaggregation of Re

REVENUES - Disaggregation of Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Number of reportable segments | segment			1
Disaggregation of Revenue [Line Items]
Total revenues	$ 14,741	$ 19,858	$ 41,212	$ 67,913
Interchange and card revenue
Disaggregation of Revenue [Line Items]
Total revenues	2,652	5,325	7,535	17,283
Servicing fees
Disaggregation of Revenue [Line Items]
Total revenues	8,658	10,163	22,990	37,650
Account fees
Disaggregation of Revenue [Line Items]
Total revenues	1,931	2,110	5,981	6,872
University fees
Disaggregation of Revenue [Line Items]
Total revenues	1,412	1,357	4,291	4,406
Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	88	903	415	1,702
Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenues	13,508	18,676	37,300	64,439
Revenue recognized at a point in time | Interchange and card revenue
Disaggregation of Revenue [Line Items]
Total revenues	2,652	5,325	7,535	17,283
Revenue recognized at a point in time | Servicing fees
Disaggregation of Revenue [Line Items]
Total revenues	8,658	10,163	22,990	37,650
Revenue recognized at a point in time | Account fees
Disaggregation of Revenue [Line Items]
Total revenues	1,931	2,110	5,981	6,872
Revenue recognized at a point in time | University fees
Disaggregation of Revenue [Line Items]
Total revenues	207	175	639	932
Revenue recognized at a point in time | Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	60	903	155	1,702
Revenue recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	1,233	1,182	3,912	3,474
Revenue recognized over time | University fees
Disaggregation of Revenue [Line Items]
Total revenues	1,205	1,182	3,652	3,474
Revenue recognized over time | Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 28	$ 0	$ 260	$ 0

REVENUES - Narrative (Details)

REVENUES - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 3,440		$ 6,647
Amount recognized in the period from amounts included in deferred revenue at beginning of period	6,600	$ 15,400
Unbilled receivables	$ 3,700		$ 1,500

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	0%	12.90%	(0.10%)	34.90%
Deferred tax assets	$ 30.8	$ 30.5	$ 30.8	$ 30.5

(LOSS) EARNINGS PER COMMON SH_3

(LOSS) EARNINGS PER COMMON SHARE - Components and Results of Operations and Earnings (Loss) Per Common Share Calculations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net (loss) income available to common shareholders	$ (3,952)	$ (4,920)	$ (13,368)	$ 3,406
Net (loss) income used for EPS	$ (3,952)	$ (4,920)	$ (13,368)	$ 3,406
Weighted average common shares outstanding - basic (in shares)	11,570	11,940	11,567	11,944
Weighted average common shares outstanding - diluted (in shares)	11,570	11,940	11,567	12,215
Basic (loss) earnings per common share (in dollars per share)	$ (0.34)	$ (0.41)	$ (1.16)	$ 0.29
Diluted (loss) earnings per common share (in dollars per share)	$ (0.34)	$ (0.41)	$ (1.16)	$ 0.28

(LOSS) EARNINGS PER COMMON SH_4

(LOSS) EARNINGS PER COMMON SHARE - Summary of Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Weighted average number of shares outstanding - basic (in shares)	11,570	11,940	11,567	11,944
Service-based RSUs (in shares)	0	0	0	271
Diluted shares outstanding (in shares)	11,570	11,940	11,567	12,215

(LOSS) EARNINGS PER COMMON SH_5

(LOSS) EARNINGS PER COMMON SHARE - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	23,978	23,694	23,978	23,423
Performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	300	300	300	300
Public warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	17,294	17,227	17,294	17,227
Private warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	5,409	5,476	5,409	5,476
Performance-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	495	348	495	348
Service-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	480	343	480	72

DISCLOSURES ABOUT FAIR VALUE _3

DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - Private Warrants - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value assumptions, expected term (in years)	2 years 3 months 7 days	3 years 3 days
Fair value assumptions, volatility rate (as a percent)	64%	43%
Fair value assumptions, dividend yield	0%	0%
Fair value assumptions, underlying stock price (in dollars per share)	$ 2	$ 5.21
Fair value assumptions, risk free interest rate (as a percent)	4.91%	4.17%
Fair value assumptions, exercise price, closing price of Public Warrants (in dollars per share)	$ 0.07	$ 0.52

DISCLOSURES ABOUT FAIR VALUE _4

DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Liabilities:
Liability for private warrants	$ 378	$ 2,847
Carrying Amount | Fair Value, Recurring
Assets:
Cash and cash equivalents	8,802	21,108
Accounts receivable, net	8,511	8,260
Liabilities:
Liability for private warrants	378	2,847
Estimated Fair Value | Fair Value, Recurring
Assets:
Cash and cash equivalents	8,802	21,108
Accounts receivable, net	8,511	8,260
Liabilities:
Liability for private warrants	378	2,847
Estimated Fair Value | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Cash and cash equivalents	8,802	21,108
Accounts receivable, net	8,511	8,260
Liabilities:
Liability for private warrants	0	0
Estimated Fair Value | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Cash and cash equivalents	0	0
Accounts receivable, net	0	0
Liabilities:
Liability for private warrants	0	0
Estimated Fair Value | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)
Assets:
Cash and cash equivalents	0	0
Accounts receivable, net	0	0
Liabilities:
Liability for private warrants	$ 378	$ 2,847

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)				3 Months Ended		9 Months Ended
	Mar. 22, 2023	Mar. 01, 2022	Jan. 04, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Automatic renewal term	1 year
Notice period for non-renewal	180 days
Notice period for termination	120 days
401(k) matching contributions				$ 100,000	$ 200,000	$ 500,000	$ 600,000
Warrant repurchase program, class of warrant or right, cost (in shares)		1,169,963
Warrant repurchase program, class of warrant or right, average cost per share (in dollars per share)		$ 1.69
Repurchase of private warrants						0	1,977,000
Accounts receivable, net allowance for doubtful accounts of $655 and $305				8,511,000		8,511,000		$ 8,260,000
Deferred revenue				3,440,000		3,440,000		6,647,000
Accounts payable and accrued liabilities				12,513,000		12,513,000		12,684,000
Total operating revenues				14,741,000	19,858,000	41,212,000	67,913,000
Expenses from affiliate bank				$ 19,126,000	24,138,000	57,013,000	69,600,000
Private Warrants
Related Party Transaction [Line Items]
Repurchase of private warrants		$ 2,000,000				$ 0	2,000,000
BM Technologies, Inc. | Affiliated Entity, Chief Executive Officer
Related Party Transaction [Line Items]
Ownership percentage (less than)				5%		5%
BM Technologies, Inc. | Affiliated Entity, Executive Chairman Of Board
Related Party Transaction [Line Items]
Ownership percentage (less than)				5%		5%
Partner Bank | Related Party
Related Party Transaction [Line Items]
Non-competition and non-solicitation agreement period			4 years
Percentage of equity interests in competitor			2%
Accounts receivable, net allowance for doubtful accounts of $655 and $305				$ 3,300,000		$ 3,300,000		1,400,000
Deferred revenue				0		0		3,800,000
Accounts payable and accrued liabilities				0		0		$ 3,800,000
Total operating revenues				13,000,000	17,300,000	35,600,000	60,900,000
Expenses from affiliate bank				0	0	0	100,000
Partner Bank | Deposit Servicing Agreement | Related Party
Related Party Transaction [Line Items]
Servicing fee percentage			3%
Period of written notice of non-renewal required prior to expiration of the term			180 days
Partner Bank | Transition Services Agreement | Related Party
Related Party Transaction [Line Items]
Period each party agreed to provide certain transition services to the other party (up to)			12 months
Monthly service fee			$ 12,500
Partner Bank | Software Licensing Agreement | Related Party
Related Party Transaction [Line Items]
Licensing agreement, term			10 years
MasterCard | Related Party
Related Party Transaction [Line Items]
Total operating revenues				$ 5,300,000	$ 5,200,000	$ 15,200,000	$ 17,200,000

RESTRUCTURING ACTIVITIES - Narr

RESTRUCTURING ACTIVITIES - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) employee	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring and related cost percent			25%
Employee reduction | employee		60
Workforce reduction expenses	$ 0	$ 1.1
Expenses incurred but not paid	$ 0.4	$ 0.4