bankingciooutlook

Alkami Technology Raises $140 Million in Financial Round

Banking CIO Outlook | Wednesday, September 30, 2020

Alkami is the digital banking platform of choice for over 160 financial institutions, representing nearly 10 million consumers and businesses.

FREMONT, CA: Alkami Technology, a leading cloud-based digital banking solutions provider for banks and credit unions, closed $140 million in funding round. D1 Capital Partners was the lead investor in the financing, alongside Fidelity Management & Research Company, Franklin Templeton, and Stockbridge Investors. Goldman Sachs & Co served as sole placement agent in this round.

Mike Hansen, CEO, said, "We are proud to add world class crossover investors to our strong existing investor base, supporting Alkami's mission. We inspire and power the digital strategies of financial institutions as they seek to grow confidently and build thriving digital communities. Our clients are among the best performing and fastest growing FIs in the country, in part due to the strength and velocity of our platform, solutions and ecosystem. Together we are creating and delivering winning digital solutions to our clients' customers, members and businesses."

This news follows several major growth milestones. In September, the adoption of the Alkami digital banking platform reached nearly 10 million digital users under contract. Additionally, the company also crossed over $130 million of Annual Recurring Revenue under contract by adding its 165th client to its digital banking platform.

"Our mission at D1 is to back the world's best companies and management teams. Based upon our deep research, we believe that Alkami is a clear industry leader in the digital banking space that has earned the trust of hundreds of financial institutions and millions of users," said Daniel Sundheim, Founder of D1 Capital Partners. "We have been impressed by the company's uncompromising focus and bold investments and expect its innovation and leadership to continue."

Alkami Technology is a leading cloud-based digital banking solutions provider for financial institutions in the U.S. that enables clients to grow confidently, adapt quickly, and build thriving digital communities poised for growth. Its bold investments in people and technology have resulted in an award-winning culture and a remarkable client community. The company was recognized in 2018 and 2019 as a Deloitte Technology Fast 500 company in North America.

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