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BM Technologies . BM Technologies Reports Record Results for the Third Quarter 2021 Q3 2021 Core EBITDA increased 91 % year over year to $ 7.0 million 2021 EBITDA Guidance Increased to $ 26 Million Ending Serviced Deposits increased 118 % year over year to $ 2 billion RADNOR , Pa . , Nov. 15 , 2021 ( GLOBE NEWSWIRE ) -- BM Technologies Inc. ( NYSE American : BMTX ) ( " BM Technologies , " " BMTX , " " we , " or the " Company " ) one of the largest digital banking platforms in the country , today reported record results for the three and nine months ended September 30 , 2021 . THIRD QUARTER FINANCIAL HIGHLIGHTS | Q3 2021 revenues increased 20 % to $ 22.0 million from $ 18.3 million in Q3 2020 . I Q3 2021 net income increased to $ 8.8 million from $ 250,000 in Q3 2020. Q3 2021 net income includes a $ 6.0 million noncash gain on the revaluation of the private warrant liability . 1 1 Q3 2021 core earnings¹ were $ 2.8 million in Q3 2021 , or $ 0.23 per diluted share , compared to earnings of $ 0.5 million , or $ 0.09 per diluted share in Q3 2020 . I Q3 2021 core EBITDA increased 91 % to $ 7.0 million from $ 3.7 million . Core EBITDA¹ margin increased 200 basis points to 32 % . The Company had a cash balance of $ 20.4 million at September 30 , 2021 and zero balance on its $ 10.0 million line of credit . BUSINESS HIGHLIGHTS Average serviced deposits totaled $ 1.7 billion in Q3 2021 ; a 128 % increase compared to Q3 2020. Average new business serviced deposits increased $ 0.9 billion over the last year to $ 1.2 billion from $ 0.2 billion in Q3 2020 . I Debit card spend was $ 773.0 million in Q3 2021 , a 4 % increase compared to Q3 2020. New business debit spend increased 44 % compared to Q3 2020 . I Un - annualized revenue per 90 - day active account increased 31 % year over year to $ 47 in Q3 2021 . Approximately 157 thousand new accounts opened in the third quarter 2021 bringing the year to date new account total to approximately 350 thousand new accounts opened . Higher Education Organic Deposits ( deposits that are not part of a school disbursement and indicative of primary banking behavior ) for the nine months ended September 30 , 2021 increased 17 % year over year to $ 1.7 billion . Newly active accounts in the Higher Education business increased 11 % year over year in the month of September , an indication of a year - over - year improvement in account openings during the fall peak season . I BMTX signed agreements with 12 new colleges and universities through October 31 , providing over 71,000 additional students access to BankMobile Disbursements and the BankMobile Vibe checking account , and has signed three colleges and universities up for its new Vendor Pay offering . The Company recently executed an agreement with TutorGigs , which employs college students as tutors , providing students additional sources of income and driving customer engagement . Luvleen Sidhu , BMTX's Chair and Chief Executive Officer commented , " We are very pleased to report continued profitable growth in all areas of our business . At the end of the quarter , serviced deposits surpassed $ 2 billion for the first time . Continued growth in revenue per account , average serviced deposits , and organic deposits are strong indicators of improving engagement and primary banking behavior . Our low - cost , high volume , customer acquisition strategy continues to yield a customer acquisition cost ( CAC ) 2 below $ 10 per active account . Given our performance to date , we raise our 2021 EBITDA guidance to $ 26 million ( from $ 24 million ) and reiterate our 2021 revenue guidance of $ 92 million . " 1 Core metrics are Non - GAAP measures which adjust revenues to exclude certain items ; a reconciliation appears at the end of this release . BUSINESS UPDATE BMTX a financial technology company , is in the business of providing state of the art technologies to attract and serve millions of Americans and provide them access to superior banking experiences . It continues to invest in its low - cost acquisition model and proprietary API driven platform to offer a full suite of financial services products . The company operates in three verticals : 1 ) higher education and student banking , 2 ) Banking - as - a - service ( " white label banking " ) , and 3 ) workplace banking . Higher Education & Student Banking In the month of September , newly active accounts in the Higher Education business increased 11 % year over year , an indication of a year over - year improvement during the fall peak season . During the third quarter of 2021 the company retained more than 99.3 % of higher education institutions and disbursed $ 4.1 billion in refunds to students , an increase of 22 % from the year ago period . Year - to - date , $ 1.4 billion of these disbursements have been deposited into BankMobile Vibe Accounts held at its partner bank . Organic deposits ( deposits that are not part of a school disbursement ) for the nine months ended September 30 , 2021 increased 17 % to $ 1.7 billion , compared to the year ago period , indicating strong primary banking behavior . The average balance per active account increased 23 % year over year to approximately $ 1,859 and the spend per active account increased 13 % year over year to approximately $ 1,994 . The number of positive balance savings accounts increased approximately 30 % year over year . We have found that savings account customers are more engaged and loyal customers . The Company recently executed an agreement with TutorGigs , which engages college students as tutors to provide tutoring services . This