BMTX - Earnings call transcript Q3 2021

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Operator

00:05 Good day and thank you for standing by. Welcome to the BMTX 3Q twenty twenty one Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] I would now like to hand the conference over to your speaker today, Bob Ramsey, CFO. Thank you. ahead. go Please

Bob Ramsey

and joining you, twenty everyone. thank And earnings XX:XX on good BM for us twenty Technologies you webcast. Thank morning, third one quarter

to this investor Our will Investor the be up that this investor of pull at on were announcement, presentation release, website page all morning's and walking company's I XX:XX earnings issued posted through merger Relations encourage earlier copy. webcast, we ir.bmtxinc.com. morning the on includes and are details everyone presentation a and Our important

the call BM Luvleen. joined this Diegel; to by our CEO, over the Please begin, Investor update and of I and and this results statements more or I'm filings, factors At of the forward only applicable risks to Donahue. This XX:XX by these in what of looking Q Sidhu; subject forward we differ currently SEC to XX:XX ten speak presentation to SEC Technologies, affect in date Jamie considered securities events our including of materially may my today would that Before time, XX:XX are detailed information, be you like a ten number from performance K obligation looking. from the that as these the may is and Chief the to visiting no our uncertainties Relations our to may some These pleasure of note Please forward extent make our that for future obtained description Officer, statements of CTO, of section new a except remind looking Luvleen Form forward turn that morning, to it's risk Operating looking statements may light undertake Bob refer website. we laws. to anticipated. actual we be by required the Copies cause statements results.

Luvleen Sidhu

third Technologies and thank quarter morning, BM you XX:XX for joining Bob. everyone, Good earnings Thank you, call.

are joining line our said, available COO, section. the also Diegel; during Bob on the today us is A our Bob who and and and As Donahue, Jamie CTO, Q

with We are this be great thrilled accomplishments to morning. you two sharing

The and Before started, exciting both update. Sound get results diving First QX our of our first the with merger XX:XX we these strategic into Bank. being record significant second

For over is brief time, the one joining of those us first the wanted digital I in two provide for largest accounts. banking the are. million we today to platforms with BMTX of country a who overview

bank friendly among the more make of bank strategy a on and profitable banking one a also only verticals. to BXBXC are are acquiring a into our bank and a XX:XX and at in having we transparent, better at this to for than amount to consumer This business XX:XX fintech but leveraging main public first which to to neo earlier relative We fintechs high model are which banking were of bank create a banking one with affordable, most and by and customers allows millions an are We an banking as the provides service not go mission to fintechs innovative year, banks, challenger three we a exorbitant to strategy, a a customers to volume. providing business We profitable edge model, a dollars. banks, traditional low Today, for are tremendous sustainable, us acquire as are less spend to experience. ten cost service at competitive acquire us Today, future. first the banking a of first BXBXC Americans XX:XX have a now charter embracing pursue the customer.

office strong at the this product it at credit and them a and on as employees fraction the of year, cost take every be two management time support Bank. to which Checking billion our as BankMobile fraction allows a thousand three help opening and open to roll education through seven our college out and XX:XX It vertical our their to a point own. Through a our BankMobile with fully the financial of with brands a best operations, them exemplified across one launch today Technologies service service Checking which of accelerate unions and would in XX:XX banking Our provides digital Vibe white of this are service choice platform billion their hundred is with partnership the offering through approximately to to their customer account we our forty attracting dollars greater Partner adding strategies and are accounts and several art And an apps compliance, our also API able be differentiation through more accessing business. the building to dollars an with service to accounts. The XX:XX MONEY. interface based customers we can to five of their mobile their our a by fraud, also products a to we T-Mobile provide needed. to technology with loyalty, branded of disperse a web into streams state vertical, can XX:XX driven and T-Mobile banks to XX:XX community and twelve leads banking customers. banking eleven The campuses banking offer risk hundred them services students to second revenue used vertical checking as where customers, Additionally, approximately back we is and first that bound BM customer fintechs experience label relationships flow data introduce country, a year them vertical by new being channel. even provide launch touch to if and that we new new Our higher is a have Vibe banking account this and proprietary and us personalized

workplace distribute the where offering. we banking Lastly, suite significantly a bank We expand grow of as continue relationship. across the mobile employees products and to to financial vertical banking this XX:XX our wellness country

to I slide delighted record million am XX:XX progress empower and to hundred third all for started, driven of get cap making and five three XX:XX continues months building vision already we As the billion with be and we next solid the five and more So, verticals. these by mission results continue a millions strong to financial to laid are financial affordable create foremost the of and to are vision Americans. and of in report financially services make of our let's first nine our standpoint, that years company's have. you out twenty first one From twenty we've accessible We one. to dedicated foundation to three strategy mentioned, on executing XX:XX company to a over four. market the flipping a to upon of quarter to

to twenty QX pleased one XX:XX twenty twenty year two EBITDA report EBITDA nine excited year twenty point million Additionally, to are are from date, six with twenty QX to twenty up million, million. year we improved date We million. raise of QX twenty QX given over EBITDA of guidance ninety to over year twenty four revenues one of seven our percent one twenty revenues million. to and percent year performance our

and Additionally, approximately to in accounts added to seven thousand hundred fifty continue one thousand QX hundred our new approximately and add new XX:XX slide Moving we to and three accounts new and on five. date. to fifty portfolio accounts year

percent deposits see point end surpassed service from that twenty of nine one first graphically at for twenty. an of increase compared the would average twenty first one seven first the nine QX show in dollars twenty increase twenty sixty the totaled to one Here nine Slide first twenty eight Core twenty first three I QX of a sixty months nine totaled from million, revenue twenty. six, totaled our percent out year EBITDA point over and of we to can the the for Revenue in one, twenty you our months year billion the quarter, XX:XX time. one months forty million, twenty like twenty. nine billion of the strong growth for two and seven twenty point On percent deposits eight months XX:XX EBITDA. that twenty hundred nine point service twenty increase

vertical, million in strong twenty deposits In indicating into a the one these primary XX:XX that at three and deposited billion percent education are held deposits, debit also increased reminder, seventeen year school has billion beyond BankMobile are Bank. dollars verticals. as increase. million new average increased to Lastly, to compared debit higher new percent we service seventy card a reminder, our compared above ending XX:XX billion one, Moving year twenty new is forty a to September business percent to deposits banking forty twenty twenty. year thirty banking and thirty in disbursement seven. of spend was date, twenty twenty QX business, banking business four percent months accounts As XX:XX for dispersed our nine twenty Slide point which twenty one six over and point to increased behavior. dollars includes twenty seven Specifically, workplace ten compared nine a XX:XX twenty, students a any our which four seven QX students increase spend one four our organic segment service QX been as point business four Vibe Partner Additionally, to to QX three

We continue a the overall in to business. see strong performance

to active Our by The for Again, an financial year pass healthy now across spend annualized some our Again, one Ramsey this the revenue our and is balances per increased Bob third year I about more CFO, account record metric forty driven to percent additional couldn't on quarter account thirty we it over number. is dollars. financial and will strong revenue excited portfolio. revenues per seven be results, details. XX:XX average

Bob Ramsey

of segment over year spend have eighteen higher over month the our thousand having XX:XX over over those and going both seven of hundred eighteen overall to just highlight you, new ninety I in year shared, and transactions sixteen This metrics slide year percent the and over student spend side, on Similarly balances in our highly continue percent everyone direct percent fifty their average active of thirteen cards quarterly increased I per to count hundred our of spend Slide approximately in accounts ten accounts, balances up minimum that to dollars year makes over I'm operations year deposit seventeen or KPIs. active that quarter, balances hundred on active Thank twenty thirteen dollars approximately increase. on to of is a eight. that illustrates average business, new at the are five increased eight in four to year on ago nearly year defined today. twelve year student year addition and dollars business in cohort XX:XX three the hundred over side a two business dollars. spend impressive driven today thousand even debit compared percent by is deposit to want dollars Luvleen. three business per percent see five annualized new its deposit the several active XX:XX on customer to approximately third the also Moving quarterly strong seven users and slide the can our attractive increased percent an XX:XX and period. Average the hundred. very

point increased year over balance deposits percent Slide here dollars year fifteen one remind billion twenty to million two million four core amortization basis, billion Turning nine. year XX:XX growth time. twenty average dollars four revenues excluding percent year, two on we seven first with Debit point seventeen see to increased and operating the an that college Compared billion to just year and near Our XX:XX retention date service increased spend that over increased ending deposits fees statement. can service income hundred our hundred the ago two universities financially depreciation surpassed and percent You one strongest of nine I'll eight year disbursements growth in refund to includes percent. for everyone in dollars. and one strong expenses period, twenty percent deposits. servicing XX:XX our fueled increased percent one by to our the remains to in our to slide deposit card

be expenses. active whose core benefit a next quarter, benefit we the we recognized three a to second which we revenues, amounts. which point somewhere XX:XX seven increase So from contract is core period. quarter in excluding a depreciation third our on ninety seven amortization into expect this quarter, attracting million the earned did virtual expenses, pricing quarter, core renegotiated, and vendor And year between looking our EBITDA and percent from OpEx million This one from ago dollars we in and

guidance quarter. our that, Luvleen to year slide updated EBITDA implies walk six it million the five full dollars, also approximately XX:XX over fourth in to We With you turn through twenty back the ten. to million which I'll

Luvleen Sidhu

XX:XX Thanks, Bob.

So, business updates. additional provide level Vibe see would to now seventy the example, to twelve U.S. with the account. with one access students addition trends. in now colleges Over have In BankMobile Education I partnerships vertical, positive and universities the in few across already you additional Disbursements which spend, Higher account and on like year I slide we new thousand to XX:XX and For have added BankMobile ten. continue key to the checking trend a covered, positive to we deposits date.

expand point higher education also offering of accounts. up schools business which which this billion into Vibe billion more and has to we XX:XX today. checking pay dollars four We vendor deposited one for creates been continue have year three ten product students new point and a do retained year our with disbursed we institutions Additionally, offering, one universities the and new to of signed our to percent stickiness date six hundred BankMobile with our colleges almost

to share services education engagement. presence [ph]. added We at and and unions twenty T-Mobile tutors, I Lastly, of we credit the partnerships plans engagement. TutorGigs, higher and build to entered twenty selected continue of greater in as college, recently, into XX:XX technology best holders partnership an a as August, account our Finovate students looking and proprietary serve [stack] We providing new to were income customer students which with through additional to that also to digital build Most stickiness expand announced banks fintech sources our employees out as a one. driving am BMTX ecosystem banking our also its value XX:XX for service proud

innovation leading demonstrated T-Mobile we the organizations fintech eleven. launching XX:XX MONEY the on through for the Next of of One together checking account. the slide have

taken exciting First bank. update milestone community to a a This most major Washington-based a combines sheet. other this this has strategic with fintech the the step morning, of about merge announced of forward we definitive Sound talk believe and thrilling growth that is is BM to asset for the our quarter. Bank, income merger. a of agreement likes step Now, are fintech marketplace income. impactful fintechs, a earning the and in bank. we step of Seattle, This the Technologies balance signing numerous few and supplementing net Second, with XX:XX XX:XX to executing bank a in We financial deposit profitable opportunities disruptive power technology, these with of a joining in benefits First, such combining fintechs a company sustainable charter as a service our other future. LendingClub, a offer. to order similar accelerate believe a vision of with all by several a our as interest are including charter and a fee-based to there innovative bank create fintech We a proprietary we Thus is in the the critical Varo, both create combining that Similar that banking have size the Square, and to with to the SoFi. offering best XX:XX create financial we

banks. this six for about as and we months, conditions have approval will and born thankfully in believe you this will provide forward but Lastly, is in independent strong as we provides for based we fintechs our follow. which future. XX:XX to fintechs come to with helps led driven and questions years Marty to fee-based investing Bank us time twenty that XX:XX financial is earlier become Cross EBITDA will prior am bank trend of is us offer other twelve, and through strongly a fintech which and Flipping versus a three we it and life over to will a unparalleled which huge on today. can will to COO Additionally, value details. system advantage now control of two earning, partner XX:XX over few banking digital to as thirteen, us on Overall, regulatory players River, within believe want banking The a to also common the CEO our plus combined customers. closing, of or a to based business, more fintechs help college be best will million may front and blockchain customer to WebBank, personal lender, in expected doing have, coming lifetime attract, responsible Chair our this in who other MetaBank year, company merger which sell payment each Fifth, two. bank Third, to XX:XX company's a serve shareholders. few second the the wanted sure a to access access create other a enables of bank we combined plus, strategy. dollars competitive a us our hoping and in The edge other strategic huge XX:XX to by are bank customer be should the in students for revenues a customers In am and we providing continue we other cash consideration. customers. setting move our First us banking pay enhance I also as a plus able twenty us become I the banking share directly up and a our bank global are share I work will us, this were Bank, our engage, believe support time half competitive with returns drive company will BMTX as to tech of have you create BMTX new fintech be aggregate approximately over us a I to relative On banking in a retain will XX:XX the vision is and we of lending new XX:XX can which or which to step products, to divesting convert customary the cross XX:XX expanding service, me, Sound highlight named we closing services, to and the services lead fintech the compelling other where for CEO. and Veteran profitable for twenty Bank some company for slide customer number close bank merger be I our bank, advisory of account First similar slide to current market that need the marketplace transaction evolution way our bank growth stock and thrilled our will as experience. Bank also fulfill can most to valuations to point products combines of for for a us this to gives seven that to tremendous an two products, Sound better that highlight division. relationships quickly of over addition less operated student some a and us. Fourth, FSB help be by operate potentially opportunities community of XX:XX model Steele, to model fintech BMTX Banker, transaction we to an initiatives. have subject share to

With in to adoption channels. bank XX:XX service new also existing continue investing for are T-Mobile regards to MONEY our it expand We drive and more account banking product as enhance offering further to we and partnerships, marketing retention. to

partners. on continue We also for pipeline work new to our

you strategic opportunities A XX:XX open equals three and can On today are one one one more. with where exploring also we to slide M I possible shared like Lastly, or have plus continue to that want insurance. we platforms advice, the offering, our in product expanding that you Crypto, banking lending, so reiterate we we digital best class and banking, includes can the investing fourteen,

and I highlights. the months. add you We as key by continue will next fifteen, end On slide to posted over like would products we six XX:XX new services to summarizing to investment eighteen keep our

percent to one core record over results continue ninety over up and percent year share twenty with year. year up EBITDA, revenue We year

growth year We to have and accounts. in We and an hundred with forty customer one thousand demonstrate XX:XX over and have approximately average annualized one five new higher thirty accounts XX:XX spend. thousand We customer QX solid date. an base seven by and existing over two T-Mobile. with revenue per accounts hundred and account, fifty engagement deep partnerships driven million year fifty partners hundred active balances and seven three established We up year and have university percent strong opened with

and want makes developed the we banking support passion BMTX today questions. prospects line with proprietary to quickly shareholders once all driven our And we private XX:XX Operator, API public true roll and team which is valuation, relative have couldn't thrilled thank continued be possible. periods. now out integrate a members would a excited XX:XX we open like of as at which to a have also investors lastly, dedication to for again, ready fintech and I is We our Once and growth more our this a both their discount and attractive complete, and and become very partners about deep to for We all is bank. the a service to and whose merger platform, easily.

Operator

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

Luvleen Sidhu

you? Hi, XX:XX how Mike, are

Mike Grondhahl

could of kind of and that what's growth how terms quarter into help my spend, going generate a you Luvleen the of, extent and looking question, new business in you us just think Bob. an business, driving new in kind understand at trends of nice XX:XX lesser especially and in first kind maybe thinking you're on just I'm And what forward? and it well. you well. congrats I'm specifically outlook a can Hey, deposits about

Bob Ramsey

Yes. XX:XX

first, that take I'll So, one Mike.

So, deposit yes, side things. the really growth have on we particularly of seen business, the in new nice

excess I excess and think deposits that there. are liquidity out the industry there has got

I we're we And accounts accounts. that implement trying really our changes earlier incentivize the use we in this in the to is happy usage partnership qualify of I that metrics that interest overall, really think some for with way think in partner what did traction. with year see as growth we're

Luvleen Sidhu

XX:XX show seventeen strong that transactors. about did doing dollars. combination and percent how at spend, is is is And least both to that of per a the their balances portfolio talk sixteen and of about They depositors active we annualized five are what month, transactions direct at we thousand and call about spend

spend is again, and So goal demonstrating and are balances nice both. to have we our strong

Mike Grondhahl

XX:XX or you about next growth to And do just similar do Got is months how feel over the twelve you it. about good think months? six there, projecting that

Bob Ramsey

account the driver So, I growth. really to the but new I think XX:XX think in account be growth what's business the balances will that can't of moon, for going grow is to

per see continue continued we little think to and per spend growth I spend and overall. expect and but we growth see modest to so, good maybe continue do to And account, and good growth and will more we'll a in bit account balances see deposits

Mike Grondhahl

you, like the it's are what to things capabilities, if for lot flipping you XX:XX you? two stick sounds will pick Got the help out to accretive. had a most it gives Got the then And things it. that Luvleen, that merger two of which it. nicely acquisition merger, you

Luvleen Sidhu

Sure. XX:XX

power. to very think acknowledge what it is So, important our that will is I earnings accelerate

by services, I products, etcetera, able are that loans what of to think model create in with volume when a financials revenue. us to to very acquisition model, we a when and own partner obviously in bank. banking provide everyone but understands growth with work entire the you banking we partner, service, you a have is our you but low that that and control sustainable profitable more create requires sharing charter, create essentially sort into were savings, revenues, as your today XX:XX are more and your cost a products over future today there And checking, owning work able high

new SoFi LendingClub, the players by charter with that other Secondly, add we engrave able with has we so, very a are are you're Sound that new you them number over fintech in excited XX:XX also marketplace able retain Square them is cross-sell fintech with merger to them well to services, lifetime customer and customers that able products, time. new are And have value attract enhances XX:XX better that engage and as two innovative really that to and those things through very hundred it, percent this believe this we're So, the strategic the obvious Bank. creating and charter what once one what to very are is merger. that into because seeing us you trendsetting one, exciting to it a accelerate really we helps create as accomplish First future this

Mike Grondhahl

guys. Thank you XX:XX Great.

Luvleen Sidhu

XX:XX Mike. Thanks,

Bob Ramsey

Mike. Thanks XX:XX

Operator

Diana Michael XX:XX with Your comes Group. from Maxim question next

Luvleen Sidhu

XX:XX Hey, Michael.

Michael Diana

there talk on twenty morning. the economics, approved? follow sure positive thing capture think you're example, as said, the so closing some a but Congratulations you probably two. LendingClub hugely all you see I it's acquisition. for Hi. as probably can, in Good a you I'm bank you I XX:XX for second for you half issues getting about, second are in there, the building in conservatism any of is twenty mentioned the you could

Luvleen Sidhu

I’ll can follow-up. LendingClub Sorry, the and XX:XX you

we the our what had So, we've trying objectives preliminary create. regulators. and to of yes, They are aware are conversations with

it probably who position we they we current primary in to be as And think enjoyed And very great go XX:XX read at about process And would be the our so, good together. conversations, First But a path started this that them innovative and is the the months. but going regulator through like privileged but two, for a be my in in prior over we second forward to with you announcement of this had really mindset to banks feel are want we in twenty opinion process twenty estimates. how with strategically could we've closing estimate potentially work in coming can us really fintechs so, excited they that our as conservatively the to conversations we given conversations the Sound have with today, submit their Bank. to application as in as conservative which to puts be in and earlier, really already working really FDIC half them, and well, be

Michael Diana

you much. Okay, great. Thank very XX:XX

Luvleen Sidhu

XX:XX Thanks Mike.

Bob Ramsey

you, Thank XX:XX Mike.

Operator

next Your Singular is Research. from Sakai Chris XX:XX with question

Luvleen Sidhu

XX:XX Chris. Good morning,

Chris Sakai

to where take Wanted trend? guess in XX:XX you it's guys your down interchange revenue, Hi, future? you to and on good morning. seems I like bit little could it why get in see been the talk a about and is start, that the

Bob Ramsey

Yes. XX:XX

take that Chris. one I'll So,

spend. those the card is business, interchange the to to So, interchange debit spend seasonality, There is little up of a the There recent we income you no, again we this bit down was year this if quarters card true as but the provide XX:XX would debit accrued year year you describe bit really we would in on out, side interchange a in I but seasonality. would quarter impact that card basis We that measures grow of had out income up normalize the not when see quarter, where over been being corrected track on revenue did year. a over expect with a that over particularly student a normalize trend.

Chris Sakai

know XX:XX revenues, then go growing. you guidance, Okay. to been flat, but is your to And EBITDA what's

what's So, going there? on

Bob Ramsey

it really been way, do the think Expenses question. is driving growth that's full understanding revenue different maybe mean reasonably EBITDA. at look you growth you not we in been growing. XX:XX what's flat the the driving your So, have growth XX:XX what very and EBITDA to I been we flat growth. mean by year, sure I'm see want I ask I'm and and in as is revenue in not revenues the Maybe a EBITDA has good

Chris Sakai

I was Okay. the wondering EBITDA what there? driving was Yes, just XX:XX growth

Bob Ramsey

Yes. third XX:XX line, And growth growth year, that’s the growth trends flat. but in of No, revenues the have it's were come for we've as if EBITDA and expenses growth, in will revenues expense you full top EBITDA. driving and little line bit roughly we at would a our see look in had has similar our quarter from percent you third quarter, top year, twenty the we you the say had,

Chris Sakai

top color TutorGigs? is to XX:XX that going any Okay. line? then new How And add Great. the to on your agreement sort with

Bob Ramsey

XX:XX Yes.

a really sources that be tutors think core our I offering part student have a with We're aligned of So, business. what it's customers income. this in and partnership opportunity exciting partnership, the do additional because to is we to

greater this have they spend value we those the benefit top going So, money fee. into in driving income as that see of they by is out to to expect primarily spend XX:XX balances more a is Additionally, more our income, students line, Vibe our think so will it those accounts and we going engagement and there are should accounts. deposited also referral BankMobile then small as that benefit a account, that be deposit with then

more this strategic us a us and think but see we even financially, that for alignment great benefiting ways our several customers. So, importantly, is this I

Chris Sakai

Okay, All XX:XX right, great. thanks. Well,

Bob Ramsey

you. Thank XX:XX

Operator

XX:XX Your Securities. follow-up from Grondhahl next is question Northland a Mike with

Mike Grondhahl

questions. XX:XX more A couple

like you share don't rent you current savings As your you yourselves, bank have what with those services able those the to range If profit the to will a be? partner? services are own or provide of

Bob Ramsey

Yes. interest ability earnings deposits the benefit where don't but margin to deploying think guidance, servicing by earned earn that exceeds net I real here the a to specific is provide XX:XX we fee. we're those assets the deposit greater think I going into revenues

ultimately look we through what mix is but finalizing deploy it think loans, the to on etcetera. regulatory benefit deposits into as the improved I like. services really looks loan be and you like, well. think additional offer process first those referred the what we revenues XX:XX one products make still around reasonable able like, to, control how and looks Luvleen, looks at profitability as exactly industry that I So, and give that to will can We're options the this around may does we depend And also work that as assumptions us more some and banking then quickly what

fee, offer So, get what a otherwise then options broader of that the we'll margin earn. what can expect than and do better we we servicing the we would will

Luvleen Sidhu

to clarify that a driven. bank like also would here traditional I income interest is And XX:XX net

we which are driven, a interest We banking supplemented check a based fintech benefit, the software are we get fees, is university institution that based is of and net etcetera. a There and fee mix and nature a interchange all income. reflective in or that on of bank, banking for fee are income of have as top fees, us, service which by

Mike Grondhahl

or working I call workplace been Got Anything to a will, in segment wins, few? the out it. it. on you XX:XX you've if Got other banking know

Luvleen Sidhu

XX:XX Yes.

win employer focus We continue label a to employee consists we but providers strategy, have remains pipeline other a to sales say about Brokers on a talked you on hopeful to bit We've strong very you pipeline soon strong. of HR XX:XX that share posted cycle, talked and direct have a of, and in growth with before, will workplace As benefit that be a that banking. take based digital we benefits, are our white keep also we these what fintechs here that. fairly pipeline we we've about mix continued to that long that can able

Mike Grondhahl

XX:XX guys. Great. Thanks

Luvleen Sidhu

Mike. Thanks XX:XX

Bob Ramsey

XX:XX Thanks Mike.

Operator

there audio time, XX:XX questions. are At additional this no

Bob Ramsey

Okay. the questions some through do webcast. have have XX:XX We that come

through of read little bit So, I more some time. have will we those a as

you, Luvleen and me you this to I'll to direct if free one, bounce first want. but The feel back it to

new one is, decision when moving to versus deal partnering drove first will the you your a combined partner to purchase deposit another current bank your the be company The the bank bank? closes? Also, what to with

Luvleen Sidhu

XX:XX take Sure. I'll that.

partner through So we have very a done, was versus the to decision it as go simple. merger

in economics into Since merge and as a partner sheet, remarks, in a of with revenues to if as future. sheet. a prepared those economics. asset you have you time less Now, relationship we have to charter, to the the having the remain expand side the well we with and of So, XX:XX bank a that balance a in balance side you the to the bank. you talked have fintech have partner opportunity actually you deposit to is our to as relationship bank share partner the continue believe because we explained today. Partner We've us about I a relationship And that potentially accretive become have you, over the happens now

answer And and to you that the timing will be move moving will are into balance years. guys EBITDA, onto the deposit? one. very So, number will basis would posted being that over that. timing, we which Yes. the is XX:XX you on that share a able will do and two that to sheet, number thoughtfully three time, I next on loans one is we deposit size the be moving deploy accretive believe will, we be Over of we is, to over we excited the earning on to still continue and decided significantly then And revenues and to will overall but we keep the our an believe be confident that this on over

Bob Ramsey

it's question partners XX:XX I'll to that asks Thanks continue the another here. take given will Luvleen. banking that I'll take acquiring XX:XX the bank? look if BMTX now acquisition for It one. a

negates I partners. banking think that becoming a need the for bank ourselves

over goal does in about take as that the up warrants? through as one the over for simply as have stop. bank. changes rather work. existing I'll are time bring the here current question question warrants than the provisions additional this Another technology any sort well. way warrant has for in are of would will We terms that have to the They process work the effectively, security they that the than in of So, and is, of sheet Luvleen the another onto XX:XX new be XX:XX deposits changes in end levels asked, result agreements warrants our acquisition XX:XX to balance no bringing written would there the becoming partners. they said The but here scenario, capital rather deposits of talks the

develop that We those we ratios bank do regulators. over that a are look deposits and to the levels ratios see. you working regulators. time that I those is new plans plan will what our an think as support the that take Luvleen, about institution a here, and some migrate tech to growth, solution? let with of for intend things opportunities we've Let's said XX:XX like and through we few partnerships a and development, have as question XX:XX are of for that strong There's or will with work Crypto through says, opportunities want times new in-house talks driven We investing products. I'll balance like explore finalize through good we capital. deposits of think with appropriate It these has about as that an capital we sheet will we pillars

Luvleen Sidhu

Yes. XX:XX

and compelling our to priority highest as it one are to that most think Number that banking platform services consumers we've digital on mentioned I is the and this is continuing products previous call. with to build us. out

quarter. moves And take help partner XX:XX to so, out we will announced a with build a in did We able the this. build, and to we partnership that Array strategic example, buy be mix of a move monitoring through a credit credit for building a about the to accomplish and partnership talk previous us

to our So, that's products, a to build XX:XX our a Example in continue merger of is products an announced for today example. banking out example and of partnership. enhance lending what we help

continue priority to it's as strong and for a build going build so, And we is be a us. by banking partner really high between out mix which to the platform, digital

Bob Ramsey

Luvleen. here. Thank more Couple questions Great. you, XX:XX

a We're so vendor the gates, have of the question three signed We first have sort about in the out our higher BankMobile can institutions this are here with we does company is There's asking back go chooses? question business. if a the XX:XX schools happy and great. would still deal name adopted that how exist pay remind it the is solution? to of brand quarter, BMTX many which I education the BankMobile we our everyone that

exist. and use still to bank, does BankMobile partner Vibe account able are We the our so, that current with

name that BMTX the brand with we the As but banking. transaction, wouldn't we Bank, right the that BankMobile now company student forward the use the to doesn't and look mean plan is

Luvleen Sidhu

first to reflective which DNA driven of just And I the is. add but The And create, really here. bank. a trying would trying we Bank fintech create in of it is BMTX is to XX:XX tech what we're just to you essence know, are that. reason, not what It that

reflect that a to And BMTX and roots sure our so helps continue us first in and continue do having priority our that we name. to technology we our in making in is us be everything greatest for technology that

Bob Ramsey

you. XX:XX Great. Thank

Luvleen Sidhu

Ramsey. Maybe XX:XX more one

Bob Ramsey

I does XX:XX have more. more, we one any continue There's a if here do do question a about here question asset the They one we have side branch, to take plan Yes, on First asked the to well that, to sheet. Sound, Sound, there's then one answer one balance that invest of that. And around, And XX:XX what deposits I'll guess in two branches? branch. will maintain First and the

the look with business past, of capital. we'll have where existing our road exploring expand larger to they talked that about are has to of better sheet, the First credit We one And certainly as what which in will part that institution as our and very liquidity. they lending of are low a great we an commercial we being and believe credit augment operation. there also support strategies. community supplement XX:XX on grow ways will diversified we securities element to got we balance feel And the at opportunity other extend really our the a be Sound consumer that Additionally, part asset opportunity comfortable have looking have and to risk have we become a sheet, and about, safe help as balance map would is customers, to

XX:XX So, finalizing, asset And a strategy. are are on but Luvleen? there that and generate of would we're we're that add to things at lot diversified looking we still ultimately striving you a

Luvleen Sidhu

XX:XX sounds that good. No,

Bob Ramsey

XX:XX Okay.

we all time I have for. that's think

Luvleen Sidhu

really strong to so again XX:XX be future. so Great. We Bank Marty support. your with the a well at the his Thank results, continued create working to be bank Sound able team were as share of thrilled you First for excited to to are quarter everyone of as fintech we and

quarter. so you speaking look thank So, much you to next to forward and

Bob Ramsey

you, Thank everyone. XX:XX

Operator

concludes you. call. conference Thank today's XX:XX This

may Speakers line. hold disconnect. the now You

BM (BMTX) 15 Nov 212021 Q3 Earnings call transcript