BMTX - Earnings call transcript Q2 2021

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the BM Technologies Second Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers presentation, there will be a question-and-answer session [Operator Instructions]. I would now like to hand the conference over to your speaker today, Mr. Bob Ramsey. you. Thank sir. ahead, go Please

Bob Ramsey

you, Natalia for XXXX and you morning, webcast. and us for good joining quarter everyone BM thank Thank Technologies earnings second

Our at on the we've relations page night this issued company's Both investor earnings Web our investor site morning. posted an presentation and are documents of release was ir.bmtxinc.com. posted last

to through webcast, and morning's Our includes details important this investor copy. that urge on pull everyone presentation a we'll be walking up I

Executive from Luvleen except securities our obtained our my our laws. that for the yours. affect this to Chief factors relations time, over more Sidhu. or that as undertake from Form subject some pleasure presentation would currently may our Copies differ call what events, today of detailed and is we we new number Please actual the and obligation that you no anticipated. date a visiting it to Luvleen, floor cause to XX-K we forward-looking. to Before is performance section of risk the Officer, may SEC Web applicable these by the future our or of of the like update in investor to make of and light filings, note statements is including by the remind may this These begin, statements forward-looking to these of site. speak information risks to forward-looking description SEC may refer considered be that At we of results extent statements materially uncertainties Please are results. the to be turn the required only forward-looking statements the a XX-Q

Luvleen Sidhu

joining Thank earnings Thanks you second BM Good ever Bob. everyone. Technologies morning, call. for

both interest for We morning are BMTX. are to this in your be great and here excited

and us Donahue, on available call COO, are on Bob and joining is Jamie line CTO, Joining the Ramsey, who Q&A section. our Also me today our is our during Diegel; the CFO. the Bob

So quarter you to am started. report the for second first let's and of I XXXX. to get delighted half record results

reminder, the we our on students seasonally quarters strong are refunds. the seasonality, for results. a a not As third campus us second and lot Despite since reported and receiving of are slower

QX wanted will We pleased year-over-year $X.X details core later year-over-year, of more report revenues financials. to million, XX% Both XX to XXXX of million, BM about provide EBITDA Bob are But and Technologies. share up $XX.X I and increase. about that, QX a I before the time

on start Slide X. Let's

one the those platforms joining of For you of first banking with X over largest in the digital for country BMTX is today accounts. time, the million

customers a enabling on take fraction fully bank fully and to engage a are cost of less better of transparent retain allows strategy, go one In roll essence, business offer their a of at would banking-as-a-service a only in model. their and mission We versus customers Americans At and banking and year, edge industry a This public this exorbitant to we one this acquiring the which bank, brand. than which attract, to for for We to fraction banking under affordable, first are and the banking them all have own a amount a our we better banking but friendly more fintechs pursue by an to partners enable experience. of We consumer to and branded are earlier the of providing and also neo a financial BXBXC products the services to were millions first volumes make we them to which their customers tremendous traditional Today, the $XX point having not spend acquiring to offer time, banks, bank are to customers range. a It their modern employees very high at low at competitive us to differentiation of it at also is $XXX provides and at $X,XXX most them. same relative traditional acquire new provides cost. own us out strong challenger to to a branded a stream. and them commoditized services with the customer. relatively acquire and on to time, are revenue profitable to bank

with our BXBXC state-of-the-art used banking and risk And if also service strategy banks needed. back we customer three and in provide web to based management their digital by technology be community credit can apps. are we mobile compliance, banking also and Additionally, can unions accelerate support main Today, fraud and office our operations, strategies leveraging verticals.

billion approximately higher being this $XX them hundred to year, a which through to Checking choice disbursed $X XXX our with Vibe through allows we introduce several And BM every flow across we campuses is three us to bound where BankMobile students vertical offer opening first $XX account which Technologies country, are education open new year accounts one and relationships we each Checking touch approximately channel. college have bank. BankMobile and them partner this Vibe in a that a the The into billion account. thousand of It billion through to

Google to the BankMobile we their towards students more account a which of will Additionally, receive we co in account, returns. expect BankMobile continue Plex working result a choosing launch branded

the white our label The our checking T-Mobile by vertical product, with banking MONEY. with and our account partnership business, is which today is launch exemplified of T-Mobile second best

significantly expand continue grow We this and relationship. to

workplace our financial as where to BankMobile offerings. vertical products distribute the banking as country, we banking across wellness Lastly, suite the of well employees

to these all continue verticals. of make We three progress in solid

Flipping vision millions strong and our Like we affordable I create we've mission mentioned, with that building and a out to the on of our you the first making strategy cap over to financial the I vision $XXX more the and am and services have. empower five standpoint, X. results. to a earlier, by a able a to be accessible Americans. market laid $X upon are years billion our Slide foremost, record already stated with of excited driven company to is are QX to company, we next dedicated three and financially share I million executing From to financial As foundation of

Our of million. is times with XX EBITDA EBITDA up XXXX $X.X core QX year-over-year a

revenue with Our up QX improved year-over-year revenues million. core $XX.X XX%

Additionally, we accounts continue to year. add new XXX,XXX the of half new our in this accounts to and approximately added first portfolio

Moving on to Slide X.

of a $XX.X growth million $XX.X from through a of year. half Core Here QX fact XXXX, and the our our the XX% XXXX. $XX.X we Slide can for increase the EBITDA year-over-year Core of EBITDA. million, revenue from graphically EBITDA to strong half half $XX.X totaled XXXX. core first The core growth expense million a over the first so increase increase our of reflects show or half is revenue first our first XXXX that million, XXXX see growth average the totaled you in compared that deposits XXX% last close control revenue service QX XXXX. totaled billion X, On to $X.X in our

business average XXXX, is QX increase. new service to XXX% deposits compared increased Specifically, which million $XXX

includes as to the behavior. our the organic to deposits part compared a banking are As billion, are our our XXXX reminder, school segment which a half first of reminder, primary verticals. new In banking white not that label these deposits, of student increased business, $X.X workplace disbursement, indicating and XX% business strong

$XXX bank. compared debit over spend debit half million particular, a held XX% in disbursed In business this In increased year, in million XXXX. XXXX. new BankMobile Vide to QX education XX% of increase first QX XXXX, including partner spend billion to compared the vertical, QX our $XXX students card higher accounts we Additionally, to $X.X the at in

continue million tailwinds during Lastly, accounts to in flowing from federal we have the stimulus with into approximately some stimulus our quarter. $XX

Moving to Slide X.

strong performance overall to continue the We see business. in

year-over-year active spend second number. quarter is healthy balances revenue is account XX% increased across the by revenue per $XX. count to Again, this portfolio. an average per and driven revenues The metric strong Our annualized

business active deposit over the in over average also student accounts with our quarterly new balances year-over-year and spend balances XX% I XXX% by increased segment For for a quarterly business XX% XX% more side, example, CFO, financial to spend our we Bob be average business increased from record couldn't student close active financial $X,XXX new even On to at to X,XXX pass it our Ramsey, higher our accounts some will Again, today. $X,XXX. on account Similarly, per active Average spend. our now And updates. year-over-year results. around increase. $X,XXX, to increased about accounts, is our year-over-year excited additional approximately active X,XXX spend on balances

Bob Ramsey

on card X, of and white in start strong education spend. increase growth growth number growth as business, improving shows deposits workplace on a service which Slide of well average which XX% XXX% legacy both and Luvleen. everything account growth you, outside accounts, debit was which reminder in XXX% over a label the in reported profitability. ending per XX% namely reflected business, includes higher the I'll as our We of as our banking. Thank new and This

of slide, business, last white the X and the year. by for shown Slide of on and As over for label deposits banking. spend KPIs and per consolidated workplace respectively account [suiting] XXX% our our the XX% bottom increased shows which this some includes

our card reported ago from to in of EBITDA, million [Technical XXX% $X.X credit from expenses year. well. XX%, well results $X.X second We're revenues, like at nearly a June on EBITDA second the it revenues of that for positioned a on the $XX.X back And outstanding. which period you. remainder core year period, was less average outstanding was million million with debt improvement million. repaid have core Difficulty] the XX% are in core of core Luvleen, service line we spend that, which which a to $X.X financial XXth, year expenses negative up we our I'd increased no today debit second to the deposits is and strong and just resulted quarter million overall we quarter mention really in give increased in Our pleased debt With I'll as $XX.X ago quarter, and very in

Luvleen Sidhu

Slide In now key addition positive trend which positive Thank to account with a have deposits provide I in XX, few the the education higher continue level already and see trends. updates. like would covered, to I in additional vertical, you spend to you, On we Bob. business

access partnerships students BankMobile across the universities BankMobile we US and have colleges and this Checking to XX,XXX disbursements added half Over of year. additional the now eight example, new first Vibe with the accounts. For in

retained our XXX% $X.X almost and which $XXX of million we to bank. institutions partner Vibe this held of mentioned accounts over already, refunds I billion at students, as BankMobile a in education our year disbursed into higher Additionally, flowed

monitoring presence, banks strategic us and to identity a proprietary partnerships BMTX's also recently credit digital product be We our plans announced integrating and with white announced we to quarter, looking With which banking label this to credit expand into also regards will offerings. protection, stack. unions Array leverage and serve their partnership technology for BMTX

We a also announced marketplace. a will GoAskJay, and GoAskJay's available million be new workplace X direct-to-consumer workplace insurance the partner, to users US. in approximately banking distribution banking offering BMTX’s financial

new that in have are in share month, card annually Lastly, second of I per direct the has XXXX. This XX% side portfolio, XX% very to and strong of in business QX quarter makes the XXXX as users on the over of approximately in the transactions spending in and driven of to deposit accounts addition already their a in would compared having minimum balances debit new attractive active average $XX,XXX cohort $X,XXX. account shared, metrics excess active up defined deposit to both five I like business highly of customer

We them technology continue to products we of customers, offer financial a new whereby to prospective services suite label enable through proprietary of a stack. actively white work our pipeline

to the grocers, in to hope a retailers, We with continue and and discussions coming partnership fintechs announce amongst in banks, months. be others,

growth we In that Next, college front access to to bank have of have, students gives on us. our the account Slide student we XX, continue can convert on of us we which potentially business, work tremendous to expanding more continued opportunities number to in we who relationships customers.

continue areas. label, white Director of are on new conversion to us and to Marketing new Green product channels help We regards Director work into expand Dot for us are our offering our to our With marketing and drive more Business to continue partners. of these Development to join have MONEY, join pipeline further for grateful in Amex to new new and from our and investing in enhance also us we T-Mobile from

banking, digital pillars the full can advice, service public lending, equal platform. banking our On pillars also to if more. offerings open and see Now And to digital with crypto. expand Slide one one you opportunities exploring possible have best-in-class our so M&A strategic The or product five we banking XX, will are we continue we our insurance plus platform. investing of a five currency, are three, in lastly,

and and one months customer which greater white expand sell we I of continue to the our Our into mentioned over drive providing these incorporate the offerings a goal is QX, pillars I've sign Array into which engagement. partnership, with I for XX talked six cross upon to did offerings, advice our to opportunity to well even about, next bucket. believe In each falls as already label

this We be will label thoughts product valuations peers. to briefly months. our some Bob the I offering to on working now to to pass like our coming provide integrate into would over white it on to relative

Bob Ramsey

Luvleen. Thanks

with is increasing The financial space of to via everyone would [Moneyline] valuation bank by start platform in we So mentioning to activity I group days along the this with SoFi. that our and of comparable amount peers multiple added times, times Those have of of XXXX we think good multiples. to of to at companies strong XXXX some and revenue very XX rich, EBITDA trade XX so thing. easy very a our multiple easy an

X to other revenue at per card XX XX there. BXB times X compared several those times a X.X tech, to versus compared including X trade private We're out multiple. multiple to comp comps attractively times basis that other valued our to Looking EBITDA groups, also groups and very are issuers, times account payment tech, all on at our bank

account only most of peers. Our to enterprise value is versus $X,XXX our $XXX $XX for per

it, very how valued. our market up that Luvleen, we with the let you overall, attractively our cap, I’ll is So no price, wrap at stock highlights. investment you matter look think

Luvleen Sidhu

Slide On would key XX. our good. to by summarizing I Sounds highlights. like end investment

and up revenue engagement over unannualized We year year-over-year, customer XX% the deep up driven with We million average half per established balances an QX year-over-year. higher customer have an base revenue X XX% up year-over-year, record of of spend. first results We XX accounts. EBITDA by shared with demonstrated account times and

and in half growth account solid opened approximately year. accounts of showed XXX,XXX new also We this the first

We have partnerships with Google. T-Mobile approximately existing and strong university XXX partners,

,which discount to also and And have questions. We platform Operator, attractive we have banking private workplace roll a we like public who to digital banking Thank all I developed label the today both valuation, in are is partners white pipeline. to a which lastly, very at proprietary deep relative and we ready investors this again, and the BMTX out for thank team members Once support want open the all shareholders our make you. to now peers. to continued for of possible. their and line a would

Operator

Grondhahl first [Operator Mike Instructions] question with Securities. Your line is Northland the from of

Mike Grondhahl

new just question going marketing and that in on? In area. there update of any incrementally sort on the First new are what efforts the is the business last just quarter,

Luvleen Sidhu

really opportunity. a T-Mobile share enhance channels I respect T-Mobile, So continues T-Mobile that segment distribute of But of themselves. opportunity, with continue we And the my as the labels and further speak the acquisition We out say to The new cannot new to the to drive business shared. product to be partner. our more strong contributor other that T-Mobile engagement. product into business new in and is the as be opinion, we the biggest well new stages is as we really really the to up for workplace. partnership. to and And forward the build we sharing is about really out as are white can continues very to numbers this what partnership continue strong at made could component for potential look what more be. business I that of beginning And to

Mike Grondhahl

thinking higher education the Any Google timing, on to co-brand latest update the college there? the campuses. what's Switching in of over sort

Luvleen Sidhu

have still we bring say of product to is timeline. in us. want And in to and strongly account to unwavering partnership that last So bank Google bank time commitment Plex to I not that BankMobile bring what market, stand first than a remain that Google we behind choosing We accounts timing late can that confidence if consistent market. students and work lead XXXX is with and the that think to digital our to XXXX to the to with more in I significantly we with BMTX with full continue what Google to and that terms can we believe continue to said

Mike Grondhahl

And pretty going Colleges school here back to you're feel how ramp the sort Do good, season? is any set are are of up about feeling you to day. everything there?

Luvleen Sidhu

So we always really feel fall peak good about We from it. benefit a season.

then So again in back as come students and February January, October August, timeframe. in school September, that to

that variant, to of Delta they anything of business, continue our with time do I not love or get minimal because we are that that year. students develops to whether not or to want to effect coming if cetera, et the campus So that the has on even students because not. campus, are no on emphasize very refunds

about we're sharing excited both the our excited going. digital on update things fall and next kind how feeling be a that marketing we status on have of so peak, experimenting are look new And We around marketing working on with, the in really to are to we forward campus marketing, quarter initiatives

Mike Grondhahl

What of just be the working know there? But any do you're into one think things journey. insight lastly, on. edition which Maybe going next? do you you is have kind is product to think you next three sort I of

Luvleen Sidhu

lending non-enrolled become that that bucket thinking students generating marketing really like the in important lending And them. proactive to value customer of banking opportunities and even that that graduate I making For they terms pillars solves feel our or as I non-enrolled. we've opportunities us, provides say bucket once experience. has would done bucket. points for more revenue the job all investing consumers, us good well. a we're for I we're constantly to hopefully the of Mike, much about the penetrating a sure mentioned in also are product as and five very our the creates But to pain

forward strategy And out. panning sharing of so we that more quarters is look the coming how to in

of how on and important credits make last it I their the In the understand an adding partnership given think as is focused more especially decisions. exciting Array Americans, is general demographics, terms with better products quarter to this advice for well in category services, we’ve where student as one,

And crypto so to we'll and insurance future. invite category into the the we’ve quarter really continue last but focused look investing into well for as the on

Operator

line of is Group. [Operator the Instructions] from Maxim with Your next Michael Diana question

Michael Diana

I find numbers. jumps on numbers interesting growth and Obviously, are absolute out. more like maybe that per could both Also, account. presentation your numbers the to Page big. X focus the the numbers they most here and growth the in very the I'd one where go, example, for revenue absolute

in $XX,XXX, annual are that way, which where new way was the release, way, think you’d I your you now. said active below spend the of accounts, business is

you could on So go? comment these where just might numbers

Luvleen Sidhu

Bob, one? do you to want that take

Bob Ramsey

me let that. Yes, with start

in talk So press debit at you're users but only We white they month. do also least have users Mike, in the deposit business, are transactions have which about direct up label set release active right. five a in active highly not the that

year, about here quarterly annual segment. spend maybe industry there, $X,XXX report like to demographic. dwarfs I that number. And to great is that out a that from look we point so really looks that XX% subset, get a actually data debit label levels a that this an industry X studies. it's We're that not is are seeing ago. spend that and up So of grown the we're year pleased in hard average some of across Slide accounts, a spend our a it active would of multiples of if highly which America is it’s number, little kind mean, has the what on we're at spend What but averages, XX% on I to runs It white

And there's there. so mind, oranges we of also a in bit little and keep apples

close So in to quarterly of our the season spend XX.XX at business, analyze would out $X,XXX.

see think with. actually we're we really we number The performance too. here very good a pleased that's So that

Michael Diana

on have comment you any per Do revenue account?

Bob Ramsey

a again, revenue $XX per numbers. So quarterly is at the account

of services, numbers So were And from account. on per as would there's I actually revenue business is we say And today. that is attractive be products have we and peers if out what seen upside that there. of out, this out is that account. throw at and you $XXX our at add continue that just we definitely really analyze augment And to you’d there our a see the to about level based lot there a per

Michael Diana

other metric comment that I below able the And you're very the operating growth? level expenses revenue on well the the the quarter just expense below was the leverage. -- how revenue your to growth hold in found you interesting Could

Bob Ramsey

as or in continue dollar to line, investment we same same make for expense the very we or do that exact a of invested see, does a to invest there lot in positive and grow strengths operating it better but platform that percent technology. business. a of our the one have some business, bottom we require pleased lot are are had do the have do So growth require we the you leverage able ones a the that's of an dollar costs And But to not fixed our the expenses, And line. level of increase and worse, business. revenue some hires. even continue the are in in do of on now doesn't we We growth top we the growth

Operator

with a We Mike from follow-up Northland Grondhahl the of have Securities. do line

Mike Grondhahl

follow of couple A ups.

just of $X terms dollars think Any from benefit was? quarter, of called you the in sort revenue of million model. about running had the through In maybe stimulus million second XQ, benefits back you in the to XQ what I guess $X

Bob Ramsey

account usage, refunds, We holders think gotten has into they've It and IRS have into account. of got accounts. file our a the lot a of on of already come our been significant stimulus we that have with our beneficiary that good amount money a We for a really shows federal we've as is primary thing. a account

that that they, couple have needed. disbursements universities. able secure as been new think colleges had there were us relationships also student a with We We we've is actually made CARES schools, and have this of to for with part normally disbursement to as Act, business help with disbursements at the some business we federal were the cares seen benefit the

So been have stimulus first did to is impact there we, about And range higher. little quantify on. stimulus probably we we I help gave say, said partners going our bit in so do with million. the find it's a opportunities you range the $X the soon, maybe we of a But give million. to as think lower at before, end need We quarter, the

seen quarter of This have a smaller stimulus. much impact we

[triple] we in of to look through in the So stimulus in a what quarter had number of Speakers] behind the positive. the and still at from timing impact we do of over as estimate, there been pieces we child quarter. share first the happens And tail the continue quarter what half stimulus, quarter I us. see the $XXX think this there's of less that. go of million I the in first we of of is But it the this that a in, has as stimulus mean pay some deposits lift is tax that year. was came up third [Multiple on forward, this out. funds were And stimulus we lion's you there's than couple point credit, think because We

Mike Grondhahl

million. $XX of million EBITDA sort adjusted of to reiterated guys You $XX of guidance

you being just do that? back the How million of two-thirds $XX.X six to conservative an in year? half or there you're basically the months, of is the want half this people go. with you at investment way guys the You're to about think through Are year

Luvleen Sidhu

higher if timing. As when. seasonal a And in about I it's educational opening are we the -- my not, It's said more remarks, vertical. in but uncertainties business, there around especially have some

to our based given we lunch, the bring had is And we the staying may guidance But we able expenses we growth that. with EBITDA exact Google revenue now, on have the earlier. partner. really for of our of growth. on example, around around For strategy is a beat timing are achieved we quicker, If managing new label revenue the timing that when white be timing exact the why a

and We and are the our the really focused of we're strong, business communicating. doing quarter-to-quarter on managing for not but run this what business long that's remain and fundamentals

Bob Ramsey

are that not really feel we just would it. about in say we confident staying I guidance the but

a we've good start So here. had

Mike Grondhahl

some in win of Earlier, pickup? wins the update gave big us a new year? opportunities past confidence year, there about a Luvleen, one talked you you can you win feel of that new announcing and whatnot. on an confident from the level this one year? kind still You've Your Do out in

Luvleen Sidhu

think aspire to and have hard we still that I announce a partner towards we're year always working that. a

As also also we're banking sort valued a touch mentioned, providers, in nature, integrated the but different because other meaningful deals, these and as they're that right I we is partners experience from high takes service a customized very by because sales provide experience longer of cycle.

we announce remain of year. exciting we are and So can we something hopeful working what I rich that opportunities say is that a through pipeline that we have this

Mike Grondhahl

bank lastly, deposit you a then get $X.XX kind too, just the get to asked question customers’ And I fee explore fair who a think you and quarter Is this bit. is where new paying I of Have to I it's talk last just maybe with that but providers of begun and into or for another year about a that role step would sort you is half? how [process]? that paid and

Luvleen Sidhu

interested talking opportunities. it mentioned we're lot of time, parties. last there's I other to a had Definitely

fee that sourcing cover to the really and up of existing servicing so with I in proportion is end currently our runs with it's very want that an partner opportunities. And these of remind of do lot and investor fee, of And again bank have Mike, cost components. community made various partner to this a of a And mention the servicing little XXXX. also this about we're agreement we as deposit two the mentioned, larger you really the bit to bank deposits. productive and conversations

on core on getting interest the forward, networks, run, fixed cetera more the fee a that of and we revenue data bank. more that paid other we amount. operation way. new accounts going income share this run on teams, Right a customer and fraud smaller the have we goes a likely our own care, portion management We of But provide as a banking for. portion these risk seat, from is et structured analytics, net have sitting variable on the what we're team, we we're active compliance the a in And this structure and is teams, now to and

are So to we rise, servicing XXXX, we and they getting likely begin then close to as we until are rates not, from time rev get share in where for the we And you income will benefit. today. being rates the very know deposit to come down rise get if again. a rates getting interest were rise will similar the If the as net fee are

are So and or the guys want stay that with today that place. the partners in in we the the current will partner the remains we'll possible objective one more you couple have best agreement reiterate we for negotiate being and said, new time keep our over and And that cost servicing deal to place hopeful have quarters, of really existing we bank posted. will to being next bank I fee of our

Operator

phone. There over no questions the are further

Bob Ramsey

the and webcast. few out of we read come answer those. a can some have related several do in that Maybe We have across I'll questions

seasonality, around We of have take these. sort are two probably that I'll and

think did The And answer were are. is first one sequentially? not our way revenues with our than would why it asking expenses revenues certainly the seasonal see are that that that were in that we quarter I expenses is more that down the down I the is sequentially, that

are Most mentioned a I and doesn't got are quarter. As fair seasonally the has cost fixed a slower revenue amount we a you've costs. just in away business line costs of that go because of that earlier, people our in

So and line more bottom think is business much line growth level the growth really expenses, we're than of seasonality I top proud of our very the overall year-over-year. in of the expense

which I growth, a business slight increase expense relatively invest in But that why as we modest. been we going is the that expense see decline grow to revenue. do some see to is and in think quarter-over-quarter result this even continue it's you and

wouldn't said quarter? diminish seasonality? you the student time I you your seasonality light will way the how the grows and of label you even out, shed that seasonality, say workplace says, slower What's than this weakest on other white as out question current at that impact guess, some would The even I a time. is second What you the revenues business is. out? we have I Can some around are evening the about seasonality share pace expected quite call, over seasonal the think hey, not business -- and that to say last Those student over businesses business. on business

at two back were students, so you seasonal ago when And years had a all look we very we business. if

two when by look If now we dampened what business or years maybe you as the that that's from is seasonality student not of is do then seasonal. half less

To you So to it’ll the go what really the quarter But answer wouldn't the peak is school. is in say you diminish. it got then seasonal out. decline. our fully students second student But question material if and I It that quarter that a that when quarter sort see the pretty through first with even we've coming of guess business. spring I balance seasonality, strongest certainly

the to I it quarter. end. does get the The we it fall the spread around then strong, of we and as student third strong end the straddles the money and -- coming across accounts into we guess, get is quarters, end actually really tapers We And third be, tend slowest into see calendar, we to as the fourth seasonally. and the second we go peak quarter quarter because into then the into very as year hard quarter quarter start fourth the it's -- it

sense seasonality people fourth encourage look out we of that over sort sort peak of have this time growth diminish the to businesses. get business third other for Again, and some to would straddled seasonal break the that got quarters. across do and And versus as student you in fall deposits trends how non-student will the at we of and the is the us. So spend impacts better I

this want our that one. student the of have retains let is accounts? the are about outlined. Luvleen, what to is that the around I’ll take sort crypto. and and the part And attracting we for question have we impact of opportunity retaining business, Crypto goal this course crypto, question do do? it of how going to thinking How of But there and is we pillars attack we Another you

Luvleen Sidhu

definitely seeing comfortable to customers. happy We're be competitors, are know, offer used We've is Square, take crypto growing, getting consumers you I'd crypto it. being to that that. seen more cetera, with et Venmo, that by offerings seem

what reflect offerings to definitely really looking we want that make consumers what engaging so for sure products with. and are our they're and And

our that's number priority. one so And

once what like, look we offering to share In will terms announce of that more ready we're that. might

create partnership make point we a we that making on there's offering hopefully focus focused a as crypto a offerings. robustness said well it of a lot that revenue before, really look compliance that for I solving sort as for. consumer to sure of and generating want pain there's In any opportunity As sure we also and regulatory

sure that customer for before that well, which And looking that as so integrate we framework will as we're out and the crypto offering important what respecting needs any we abiding as equally are. pain make by points is

Bob Ramsey

Thanks, Luvleen .

got we've think question. for I more one time

schools. -- So and of the pace think pace sort Luvleen I think distracted. conversations. chime a a colleges partners to I on and schools start I many and they that question with to of about that may their one our students normally get schools, big a university that I'll had adding of this I business but sort challenges And added through they're day. it enrolled new really include they dealing They challenge of pull pipeline a we would have that and session will expect, I that our partnerships had continue of is But pull the some where of of be today some lot are has to COVID I to college has release to remote. expect the impact course, students. of half we the in first through. business And I'll got and pay We've really lot given our force good this think although, ask still let of in added over schools there's with one XX,XXX to sales that know press we certainly do mean that year say a and here in didn't with in. places

to I So ask you I those want guess, if along add just Luvleen would lines?

Luvleen Sidhu

products No more bringing Bob, to I think that excited relationships, that college university makes market sticky new sense. to always And create valuable and our the more relationships. for services partners and about we're

clients, this out and disbursement as announcement year, well solution solutions business, more roll pay ID and release holistic are vendor with a TouchNet to as holistic of around the so a our working college on our the stuff earlier offer product university to And and we have we're really schools offering refund across all more sure to sales strong our more gives access is us offerings it because important country. that make and pipeline students for that and which more

I much So to for with questions. want thank everyone that, so their

very great so continued of Thank you quarter. for day. you your to next with have connecting look grateful support a BMTX, And much. Hope interest we and and forward you

Bob Ramsey

everyone. you, Thank

Operator

Thank Technologies you BM the earnings participation. quarter concludes for second conference This XXXX call. your

may You disconnect. now

BM (BMTX) 13 Aug 212021 Q2 Earnings call transcript