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Kony Secures $37 Million in Financing from BMO

An infusion of $37 million in debt financing from BMO will help cloud-based digital banking and low-code platform company Kony “accelerate growth” in its two signature solutions: Kony DBX, the company’s digital banking technology, and Kony Quantum, its low-code development platform. The financing, courtesy of BMO’s Technology and Innovation Banking Group, adds to the more than $115 million in funding Kony has raised to date.

“Finding a strong and committed capital partner who understands digital is an important complement to our market-leading IP and aggressive growth agenda in both digital banking and multi-channel low-code development,” said Kony chairman and CEO Thomas E. Hogan.

BMO Bank of Montreal managing director of technology and innovation banking Devon Dayton underscored the critical role of “leveraging digital as a strategic function” for all businesses regardless of size. “Kony’s solution has enabled their clients to accelerate their digital transformations,” Dayton said. “We look forward to continuing this relationship and working alongside them to help them accelerate their growth.”

Kony’s financing news comes just a few weeks after the company was named a Leader by Gartner in its 2019 Magic Quadrant for Multiexperience Development Platforms (MXDP) report. This marked the expansion of the category from its previous mobile app development platform (MADP) designation to reflect what Gartner called “the evolution of MADPs to serve expanding app use cases and development requirements.”

Kony is well positioned to take advantage of this broader way of looking at development platforms. In addition to this year’s recognition from Gartner, the company was named a Leader in The Forrester Wave digital report on development platforms last year, as well as a Leader in the firm’s report on low-code development platforms for this year.

Kony demonstrated its retail banking solution at FinovateFall 2017. Founded in 2007 and headquartered in Austin, Texas, the company has been on a strong, partner-making pace in recent months. Kony teamed up with Qualifacts in May to power the behavioral healthcare solution provider’s mobile app, CareLogic. In April, Kony partnered with Micronotes, a firm that leverages AI to provide marketing automation for digital banking. That same month, the company announced a collaboration with fellow Finovate alum, IDology, to integrate new authentication services into Kony DBX digital banking solutions.