Digital Banking Startup Alkami Secures Series D Funding

Alkami Technology, a startup providing banks and credit unions with digital banking technologies, has announced new funding.

The firm said Tuesday (Jan. 9) that General Atlantic made a strategic investment in the company, though Alkami did not say how much it raised in the Series D funding. Separate reports in TechCrunch said the firm secured $70 million.

Existing investors in the firm include S3 Ventures, Argonaut Private Equity and other backers, the firm said, adding that it will use the investment to focus on “innovation, growth and expansion.”

“In an era of digital transformation, our clients, who consist of credit unions and banks in the U.S., count on Alkami to inspire and power their digital strategies through enhancing value, growth, service, efficiency and relationships,” said Alkami CEO Mike Hansen in a statement. “General Atlantic’s partnership will help to accelerate the delivery of our world-class technology and innovative solutions to our clients, ensuring Alkami remains synonymous with digital transformation in finance.”

Alkami offers financial institutions (FIs) a digital banking platform based in the cloud. The solution can support their retail and business banking services, mobile offerings, bill payment and other features. The platform includes an API set and software development kit as well, it noted, allowing FIs to develop their own apps and product extensions and more easily integrate additional features.

“Digital banking needs are evolving along with consumer and business behaviors, and we believe Alkami is at the center of this industry-wide shift,” said General Atlantic Vice President Raph Osnoss in another statement. “Alkami’s vision, technology, client success and business model position the company well for continued growth. We are excited to partner with Mike and the Alkami team to drive continued innovation in the way financial institutions engage with customers.”