Benzinga | Jun 24, 2021 02:06PM EDT

BM Technologies Reports 8 New Partnerships With Colleges, Universities Across US, No Terms Disclosed

BM Technologies, Inc. (NYSE:BMTX, BMTX.W))), one of the largest digital banking platforms in the country, announced eight new partnerships with colleges and universities across the U.S. Over 47,000 additional students now have access to BankMobile Disbursements and the BankMobile Vibe checking account. BankMobile Disbursements is a technology solution that processes and disburses student financial aid credit balances on behalf of college and university administrations.

"We are delighted to announce these new partnerships today," stated Luvleen Sidhu, Chair, CEO and Founder of BM Technologies (BMTX). Students at these schools now have access to our financially-empowering and easy-to-use disbursement and banking products."

The new partnerships are with Northeastern Technical College, Ultimate Medical Academy-Clearwater, California State University-Monterey Bay, Orangeburg Calhoun Technical College, Pacific College of Health and Science, Pierce College District, StrataTech Education Group and Texas College.

"We are always looking for ways to improve the student experience and are excited that with the new BankMobile Disbursements platform, our students will be able to quickly and conveniently access their disbursement funds," said Northeastern Technical College's Director of Finance, Ken Burton.

BankMobile Disbursements serves approximately 725 colleges and universities, covering one in every three college students in the U.S. Through this platform, BM Technologies (BMTX) provides the option for students to receive their financial aid refund checks electronically and has an annual electronic disbursement rate of 89%. It has also helped over 16 million students get their funds on time.

Features of the BankMobile Vibe checking account include: interest-bearing accounts; access to more than 55,000 fee-free Allpoint(r) ATMs; early payday; money management tools; robust mobile apps; and financial wellness.

Additionally, students who use BankMobile Vibe have access to Passport. This is the account's recognition program, where users earn stamps for smart money management, academic achievement and good financial behavior. Every stamp earned also gives them an entry into the Student Success Sweepstakes for a chance to win prize money put toward paying off their student loan debt. Approximately 1,420,000 customers are currently enrolled or participating in Passport.