Alkami More Than Doubles Plano Footprint After $70M Raise

The Series D funding supports team expansion across the financial tech firm, as well as R&D and the company’s independency.

Alkami 2020 vision conference

Plano-based Alkami Technology is a digital banking solutions company on the rise.

Last year it ranked No. 66 in Deloitte’s annual Technology Fast 500 with its 2,415 percent growth rate. And early this year, Alkami completed a Series D funding round totaling $70 million. The round was led by global growth equity firm General Atlantic which joined Alkami’s existing investors including S3 Ventures, Argonaut Private Equity, and other strategic investors in the financial technology space.

“For Alkami, this type of recognition is just validation of the vision that we, and our clients, have for the future of banking.” 

Stephen Bohanon

“The [Deloitte] award itself is really just an indicator of doing the right things and making the right choices in alignment of our culture for the business, the result of the hard work and ingenuity of all Alkamists,” said Stephen Bohanon, founder and chief strategy and sales officer at Alkami Technology.“Our goal is not to grow for the sake of growing, it’s really just a byproduct of what we do on a daily basis. For Alkami, this type of recognition is just validation of the vision that we, and our clients, have for the future of banking.”

 

Alkami 2020 Vision Conference held at the Renaissance Dallas at Plano Legacy West Hotel in Plano between April 9-11, 2018. [Photo: Scott Peek Photography]

ALKAMI ON TRACK TO REACH FIVE MILLION USERS

Currently, Alkami is expanding its teams across the company including sales, development, implementation, support, HR, legal, and finance.

While Bohanon said the newly raised capital wasn’t earmarked for any purpose, the company allocates more than 50 percent of its headcount toward research and development. The Series D round also fit into Alkami’s long-term strategy of remaining an independent company and focusing on the U.S. digital banking market while remaining selective with investors with long-term outlooks and committed to Alkami’s vision.

The financial tech firm recently more than doubled its office space with an additional 50,000 square feet at its Plano headquarters bringing the total to 90,000 square feet. It also passed the four million live user milestone and is on pace to surpass five million in the next 12 months.

[Photo: Scott Peek Photography]

MOBILE BANKING APP RANKED HIGHEST IN IOS, GOOGLE PLAY RATINGS

Alkami’s mobile app solution was recently ranked highest in overall user satisfaction based on iOS and Google Play ratings across U.S. digital banking providers, Bohannon said. 

Alkami’s financial tech is a fully hosted SaaS white-labeled online and mobile banking end-to-end solution for banks and credit unions. Looking toward the future, Bohannon said the company is focusing on user experience through user-centric design based on the RITE (Rapid Iterative Testing and Evaluation) Method, leveraging data for improved business intelligence and machine learning, and expanding its API offering to enable next gen user interfaces such as chatbots, conversational AI tech, and Internet of Things devices and interfaces.

“The combination of the pro-business climate, the affordable cost of living, and the resulting talent supply is really hard to beat almost anywhere else in the country.” 

Stephen Bohanon

Bohannon added that the North Texas area offers tech companies a number of advantages.

“When you consider the needs of a technology company that is experiencing this type of rapid-growth, we are fortunate to be in the North Texas area,” he said. “The combination of the pro-business climate, the affordable cost of living, and the resulting talent supply is really hard to beat almost anywhere else in the country. At Alkami, we set a high standard for performance that would be very difficult, if not impossible, to achieve without these environmental factors.” 

[Photo: Scott Peek Photography]

Alkami 2020 Vision Conference held at the Renaissance Dallas at Plano Legacy West Hotel in Plano between April 9-11, 2018. [Photo: Scott Peek Photography]

[Photo: Scott Peek Photography]

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