In a Series E round led by MissionOG and General Atlantic, cloud-based digital banking platform provider Alkami Technology has raised $55 million in new funding. The investment takes the company’s total capital to more than $225 million, and will be used to help expand operations and fuel innovation at the Plano, Texas-based fintech.
Also participating in the round were existing investors including S3 Ventures and Argonaut Private Equity.
Company CEO Mike Hansen put the funding in the context of Alkami’s tenth anniversary, which the company will celebrate later this year. “We are very honored and excited about the support our existing investors evidenced again by this round,” Hansen said. “Their long-term commitment and support has allowed us to continue to boldly invest in innovation, people, and best-in-class service.” Hansen referred to the firm’s investors as “one of Alkami’s most potent sources of strength and results.”
Alkami Technology demonstrated its money management and financial awareness technology at FinovateSpring 2009 as iThryv – making the company one of Finovate’s oldest alums. Since then, the company has grown into a digital banking platform provider with more than 130 financial institution clients and more than six million registered users in the U.S.
General Atlantic Vice President Raph Osnoss credited Alkami’s “user experience, product features, platform architecture, and data security” for the company’s growth in the digital banking space. Alkami was featured in the 2018 Inc. 5000 Fastest Growing Companies roster, as well as in Deloitte’s 2018 Technology Fast 500 in North America. Recent partnerships for the company include a platform deployment with Alliance Catholic CU of Michigan ($40 million in assets), and a deal with Green Bay, Wisconsin-based Nicolat National Bank ($3 billion in assets).
Named one of the Best FinTechs to Work For by SourceMedia (publishers of American Banker), Alkami also has made two C-suite moves in recent months. The company appointed former Authentix CMO Holly Tsourides as Chief Marketing Officer in February and named former RealPage executive Bryan Hill as Chief Financial Officer in April.