Banking Software Firm Alkami Valued at More Than $3 Billion in U.S. Market Debut
Yesterday, MissionOG Fund II portfolio company Alkami launched its initial public offering on NASDAQ under the ticker symbol ALKT. The business, founded in 2009, raised approximately $180 million. We are proud to support such a high-quality company led by a first-rate management team operating in a prime market.
Alkami, a leading provider of cloud-based digital banking solutions, has thrived as banks and credit unions increase their focus on customer driven digital solutions. As a result, the company’s revenue grew 52% year-over-year in 2020, with registered users now over 10 million representing more than 160 financial institutions.
MissionOG first invested in Alkami in 2017. At the time of the investment, Alkami mapped directly to a core MissionOG FinTech-related investment theme: Industry-specific SaaS solutions will create meaningful efficiencies within markets that are typically slower to adopt technology solutions. Alkami offered a unique mobile-first technology platform featuring multi-tenant architecture, single code base, and a continuous delivery model.
Along the way we have been fortunate enough to watch the team continue to execute and market demand for the solution soar. We also recognize and are appreciative of the collective support and efforts from our co-investors, including General Atlantic, S3 Ventures, Argonaut Private Equity and D1 Capital Partners.
To learn more about the transaction, refer to the press coverage here.