Background
BM Technologies, Inc., a wholly owned subsidiary of First Carolina Bank — Member FDIC, is one of the largest digital banking platforms in the country. It is focused on technology, innovation, easy-to-use products, and education with the mission to financially empower millions of Americans. A company fully committed to financial inclusivity, BM Technologies, Inc. offers digital-first banking experiences that help customers — especially students — save money and build wealth.
In keeping with that goal, BM Technologies, Inc. created the BankMobile Checking Account, an exclusive account for students attending partner schools for its disbursements program, which currently encompasses over 700 college and university campuses across the United States. With the BankMobile Checking Account, students can receive their financial aid refund the same business day1 they set up their account and continue using their account (and its exclusive perks) post-graduation.
While the BankMobile Checking Account was already benefitting students, BM Technologies, Inc. had received feedback from customers requesting a rewards program, so they worked hard to find the right partner to satisfy that need. Kard, a flexible, engagement-driven card-linked offer platform, helped them lead the charge.
Goals
What originally attracted BM Technologies, Inc. to Kard were:
- Kard’s scalable, API-driven approach that could integrate directly with the BM Technologies, Inc. banking ecosystem.
- Kard’s ability to drive measurable financial outcomes.
By partnering with Kard, BM Technologies, Inc. aimed to:
- Stand out from traditional cash-back programs, which often require customers to manually activate offers, creating friction in the user experience. BM Technologies, Inc. wanted a fully automated solution that would surprise and delight their rewarded customers.
- Boost transaction frequency. By providing meaningful benefits to users, BM Technologies, Inc. could push their BankMobile Debit Card to top of wallet and keep customers for life. With Kard, they were hoping to encourage at least one additional card swipe on average.
- Foster loyalty. Because Kard’s merchant network appeals to BankMobile’s younger audience, students would associate their BankMobile Debit Card with earning cash back on brands they love.
Solution
Working closely with Kard’s AM team, BM Technologies, Inc. was able to launch its new rewards engine in July 2024, giving cardholders instant access to cash back at thousands of national, local, and online merchants.
Big brands like CVS and TurboTax, plus hundreds of other merchants, were featured prominently in BM Technologies, Inc.'s BankMobile app — with each offer designed to maximize engagement and consumer spend.

Results
In just seven months, BM Technologies, Inc. has far surpassed its preliminary goals:
157% increase in users redeeming an offer
Seven months post-launch, the number of BankMobile cardholders taking advantage of BM Technologies, Inc.’s card-linked offers more than doubled — an impressive 157% increase. Much of that increase can be attributed to the concrete benefit cardholders feel they’re getting.
On average, BankMobile users earn over $3.45 in cash back per month by making everyday grocery, meal delivery, and rideshare purchases.
Besides including popular merchants in their offer network, BM Technologies, Inc. has also done a fantastic job marketing its card-linked offer program in and out of the app to drive offer adoption among enrolled users.


BankMobile website placements, social media posts, email blasts, and a rotating display of Featured Offers in-app got cardholders (and potential cardholders) interested in BankMobile perks, prompting them to use their card more — or learn more about signing up for an account.
They also created a sweepstakes based on desired engagement of key personas and promoted the cashback as a key component of the sweepstakes across all channels, focusing on specifics for internal channels and the brands that allow external marketing on social and external channels.


A 46% higher average customer value
One of BM Technologies, Inc.’s main goals with rewards was to encourage users to make at least one more swipe on their card. Not only would that have an immediate impact on BM Technologies, Inc.’s revenue, but it would also start building loyalty among users, thereby increasing BM Technologies, Inc.’s average BankMobile customer lifetime value.
With Kard, those goals were hit and then some:
- Today, users who earn rewards make 51% more transactions with their BankMobile Debit Card.
- Rewarded users also spend roughly 1.5x the amount that unrewarded users are spending on average.
- Every rewarded user is worth $453 more per month to BM Technologies, Inc. — a 46% higher average customer value.
An 88% retention rate
A key sign that BM Technologies, Inc.’s card-linked offers are compelling is the fact that BankMobile users keep redeeming them.
Over the course of using Kard, BM Technologies, Inc. found that BankMobile users who redeem an offer are more likely to keep spending on their BankMobile Debit Card.
On average, 70.3% of BankMobile users will make a purchase in the month following their first purchase. But that number jumps to 88% after they earn their first reward — a 25.2% increase.
“We’re thrilled with the impact that Kard’s rewards engine has had on our customer engagement and revenue. By adding cash-back rewards to BankMobile, we’re providing our customers with real value while also strengthening our bottom line. It’s a true win-win.” - Jamie Donahue, President & Chief Digital Officer, BM Technologies, Inc.
With the help of Kard, BM Technologies, Inc. is poised to continue fostering deeper customer relationships, increasing transaction volume, and further enhancing the value of BankMobile for its customers.
1 If you open a digital BankMobile Checking Account (upon identity verification), money is deposited the same business day we receive funds from your school.