RADNOR — Digital banking firm BM Technologies Inc. (BMTX) has announced the launch of a rewards engine to its BankMobile Vibe checking account. The feature is powered by Kard and is designed to give customers the opportunity to earn cash back on debit card purchases.
The Radnor-based BM Technologies is a digital banking platform and Banking-as-a-Service (BaaS) provider with a goal of “breaking the traditional banking mold to foster inclusivity and help real people build wealth to live better lives,” according to a press release announcing the new feature.
“This rewards program is designed to help our customers make the most of their everyday spending, further enhancing the banking experience with BankMobile Vibe. By empowering customers for their financial futures, we aim to support their financial independence and success,” Jamie Donahue, president and CTO of BM Technologies, said in a statement.
The rewards engine will allow customers to earn cash back on everyday debit card purchases, helping them save money and build a solid financial foundation. It provides offers to those who financial institutions may traditionally underserve, the company said, including younger millennials and Generation Z customers, the company said.
Among the benefits of the cash back offers feature are:
• Users do not need to “activate” specific offers, if eligible they just need to spend with the BankMobile debit card
• There is no limit to the number of offers that users can take advantage of
• There is a merchant network spanning more than 50,000 locations around the U.S.
Kard is the first rewards-as-a-service API (application programming interface) to drive loyalty for every cardholder and shopper, with 47 million cards in its overall network, according to the release.
“BMTX offers a unique value proposition to a market that has often been underserved by conventional providers. We’re excited to help them add rewards to their suite of offerings,” Kard CEO Ben Mackinnon said in a statement.
BM Technologies’ BankMobile Vibe checking account is a digital-only, FDIC-insured, interest-bearing checking account designed specifically for students while they are in school and after. It offers an optional savings account, access to more than 55,000 fee-free Allpoint ATMs, the ability to get paid up to two days early and receive tax refunds up to three days early via direct deposit.
The BankMobile Vibe checking account is exclusive to students attending one of more than 700 college and university campuses across the U.S. that are partners with BM Technologies. Once the account is open, customers can continue using it for life, the company said.
“We are committed to BMTX’s ongoing technology evolution by continuing to modernize our platform architecture and introducing innovative products and services that benefit our customers,” Donohue added. “Adding Kard’s innovative rewards-as-a-service API into the BankMobile Vibe checking account underscores our dedication to leveraging cutting-edge technology, exemplifying our mission.”
BM Technologies is among the largest digital banking platforms in the U.S. and is geared toward students and young adults, providing access to checking and savings accounts, personal loans, and financial wellness.
Source: Berkshire mont