Alkami, a leading provider of eBanking solutions to credit unions and banks, has raised $70 million in a Series D round led by General Atlantic, a leading global growth equity firm.
MissionOG and existing investors S3 Ventures and Argonaut Private Equity also participated in the round.
This adds to the over $46 million the company has raised since it was founded in 2009.
The company will be using the funding to invest in its next stage of innovation, growth, expansion, and sales.
The Texas-based eBanking startup has been quietly building the technology that powers mobile banking apps. It has developed a white label service that credit unions and banks use across digital platforms.
The multi-tenant, cloud-based SaaS model platform includes retail and business banking, mobile banking, bill pay, personal finance management (PFM), Person-to-Person payments, marketing, and more.
Alkami provides a modern, unified eBanking platform with a customizable feature set, intelligent content delivery, and financial management tools which enables the clients of banks and credit unions to experience seamless functionality across all their digital devices.
The startup’s eBanking solution represents a quantum leap forward in the level of control and customization given to the institution while revolutionizing the user experience provided to customers and members.
Alkami-enabled banks and credit unions can build their own apps and product extensions as well as easily integrate new features and functions for all lines of business, allowing them to better serve their customers in an increasingly competitive market.
CEO of Alkami Mike Hansen believes that the General Atlantic's partnership will ensure Alkami remains synonymous with digital transformation in finance.
“The partnership will help to accelerate the delivery of our world-class technology and innovative solutions to our clients,” Hansen said in a press release.
According to Vice President at General Atlantic Raph Osnoss, Alkami stood out because they pioneered a “modern, mobile-first experience. He believes Alkami's vision, technology, client success, and business model position the company well for continued growth.
This fits within the private equity giant’s investment strategy, which has been a long-time investor in financial technology.
“Digital banking needs are evolving along with consumer and business behaviors, and we believe Alkami is at the center of this industry-wide shift. We are excited to partner with Mike and the Alkami team to drive continued innovation in the way financial institutions engage with customers,” said Osnoss.
Osnoss and Special Advisor to General Atlantic Gene Lockhart, who is a former President and CEO of MasterCard Worldwide and President of the Global Retail Bank at Bank of America, will join the company's board of directors as a part of the strategic investment.
Lockhart is also Chairman and Managing Partner of Alkami’s Series D round participant MissionOG, an early to growth stage B2B technology investor, who participated in this round alongside General Atlantic.
Alkami has over 4.5 million users and has experienced market-leading growth and levels of market adoption since its founding in 2009. The digital banking startup was recently ranked 176th overall in the 2017 Inc. 5000 Fastest Growing Companies, as well as 11th in the U.S. and 1st in Texas in the software industry overall.
Additionally, Alkami was ranked 66th on Deloitte's 2017 Fast 500 awards for the fastest growing technology companies in North America.